Business
NGX Buys Into Ethiopian Securities Exchange
A leading integrated market infrastructure group in Africa, the Nigerian Exchange Group Plc (NGX Group), has announced a significant investment in the Ethiopian Securities Exchange (ESX).
Biztellers reports that the NGX Group is among the top institutional investors that have injected capital into the operationalisation of the bourse alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA) trade block.
A statement from the NGX disclosed that the pivotal move not only marked its entry into East Africa but also underscored “its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX”.
The investment in the ESX reflects the NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market, it added.
By partnering with the ESX, the NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.
In addition, through this investment, the NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.
The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX.
Chairman of NGX Group, Umaru Kwairanga, said, ” We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition. Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.”
On his part, CEO, the ESX, Tilahun Esmael Kassahun, stated, “We are thrilled to announce that the capital raise for Ethiopia’s first securities exchange has exceeded our expectations, reflecting the unwavering confidence of investors in the potential and prospects of Ethiopia’s economic landscape. We are pleased to welcome the NGX Group as a strategic partner, building upon the existing support we have received from the NGX Group.”
On the back of this investment, Temi Popoola will join the board of ESX as a nominee of NGX Group.
The investment demonstrates NGX Group’s commitment to driving regional integration and collaboration within the African capital markets. Through strategic partnerships and investments, NGX Group aims to facilitate cross-border investment flows, enhance liquidity, and promote economic development across the continent.
The ESX significantly surpassed its initial target by raising close to 1.3 billion Ethiopian Birr (ETB) from the private sector, reflecting investors’ robust confidence in Ethiopia’s capital market and economic prospects.
The Government of Ethiopia will retain 25 percent of the exchange whilst private sector players hold 75 percent.
Business
HOSCON Backs Tantita Security
The Host Communities of Nigeria (HOSCON), comprising oil and gas producing communities, has raised the alarm over alleged attempts by certain individuals to sabotage the operations of Tantita Security Services Nigeria Limited, particularly in the oil rich Niger Delta region.
The HOSCON’s note of warning was contained in a letter to Nigeria’s President, Bola Ahmed Tinubu under the signature of HRM Monday Whiskey, Ovie of Idjerhe Kingdom and Chairman of HOSCON.
In the letter, the HOSCON alerted the President to imminent crisis in the oil and gas sector if urgent steps were not taken to forestall it by checkmating the alleged sinister acts of sabotage against the security organisation.
The letter reads in part, “We the leadership of the Host Communities of Nigeria (HOSCON) Producing Oil & Gas write to specifically draw your attention to a well planned and orchestrated plot by some influential cabal at the Nigeria National Petroleum Company Ltd to deliberately cause disorder in the Niger Delta.
“Our intelligence from highly placed sources both in Abuja and across the Niger Delta is that since the oil cabals/bunkerers can no longer have their way in stealing crude oil in the region, they have perfected a new approach by deliberately starving the authorities of the hardworking Tantita Security Nigeria Limited of regular funding and thus creating unnecessary salary delays and other operational activities being carried out in the day-to-day activities of the oil pipeline security giant.
“As a result, staff and subcontractors of the organisation have not been paid for almost four months running, thereby causing grumbling and threats to down tools by workers. We strongly condemn this new plot and believe that it cannot be true because the sacrifices/risk that the authorities of Tantita Security Services Ltd have taken to get to where they are will be made useless by some selfish cabals who do not mean well for our country.
“We trust that as a father of the nation, these findings by the leadership of the Oil & Gas production Communities in the country will be given very serious attention, as delaying action could be an invitation to avoidable crises.”
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In addition, the HOSCON stated that the people of the Niger Delta deeply appreciate the professionalism and competence of the Tantita Security Services, as the environment and ecosystems were in a sorry state before the coming on board of the firm.
“No interest of individuals or groups can be more important than that of the entire country. Now that we are fully aware of the antics of the NNPC authorities to deliberately delay payments of services already rendered by Tantita Security Services Ltd so that they can disorganise their operations, the leadership of HOSCON will keep exposing all the underhand working against the success of this all important project.
“What we expect from all patriotic Nigerians, NNPC management inclusive, is support and undiluted encouragement, considering the daily hazards and threats being faced by Tantita Security workers.
“Finally, we strongly believe that in order for our country to be great again, sensitive national assignments like Tantita Security operations be given its rightful place in budget allocation,” the HOSCON averred.
Business
Dangote Cement Ibese Commissions Cassava Processing Plant in Ogun
Amid rising food prices and growing concerns over food security in Nigeria, Dangote Cement Plc, Ibese Plant has commissioned a multi-million Naira garri and fufu processing plant in Ewekoro Local Government Area of Ogun State.
Biztellers reports that the state-of-the-art was handed over to Kajola, the host community as part of the company’s corporate social responsibility investments.
The company described the project as a strategic intervention aimed at boosting agricultural value addition, reducing post-harvest losses and strengthening livelihoods for rural farmers and women.
During the commissioning ceremony, the Ibese Plant Director, Ayyagari Subbaraidu, said the facility was delivered under the company’s Community Development Agreement (CDA) with its host communities signed in 2022.
He noted that the initiative is designed to support cassava farmers and processors by improving efficiency and expanding income-generating opportunities.
“This project is aimed at improving cassava processing, reducing losses and creating sustainable employment for women and farmers in the community,” he said.
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Subbaraidu disclosed that the facility features separate garri and fufu processing units equipped with modern machinery, including a five-tonne-per-day peeling machine, hydraulic presses, frying systems, fermentation basins, solar-powered boreholes and sanitation infrastructure.
He added that the plant is expected to serve as a catalyst for local economic growth by enhancing productivity and supporting small-scale agribusinesses across Kajola and neighbouring communities.
The Plant Director also urged the community and the Project Governance Committee to maintain transparency in the management of the facility to ensure long-term sustainability.
The Ogun State Commissioner for Agriculture and Food Security, Mr. Bolu Owotomo, who commissioned the Food Processing Plant commended Dangote Cement for its commitment to the socio-economic development of its 17 host communities, describing the facility as a strategic intervention in agricultural value addition and rural empowerment.
Describing the project as a significant boost to the state’s agricultural development agenda and rural industrialization drive, he said the initiative aligns with Governor Dapo Abiodun’s vision of making agriculture a key driver of economic growth through value addition and enterprise development.
The Commissioner disclosed that “over 166,000 farmers, including more than 90,000 cassava farmers, have been registered under the Ogun State Farmers Information Management System (OGFIMS) to benefit from government interventions”.
He urged the community to safeguard the facility and assured residents of the continued support of Governor Dapo Abiodun’s administration towards agricultural development and food security.
He highlighted ongoing interventions by the state government—including the Ogun State Economic Transformation Project (OGSTEP), the Value Chain Development Programme (VCDP) and FADAMA-OG CARES—which have supported thousands of cassava farmers with training, mechanization and improved access to inputs.
“This processing plant will strengthen the cassava value chain, improve product quality, create jobs and enhance food security while boosting farmers’ incomes,” the Commissioner stated.
In his remark, the Ewekoro Local Government Council, Hon. Sikiru Adesina Adisa who was represented by his Vice, Vice Chairman, Hon. Abisola Aliyu, described the facility as a transformative project that would ease the burden of traditional cassava processing methods and improve overall productivity.
He also commended Dangote Cement for its continued commitment to inclusive growth and impactful social investment in host communities saying “This project will stimulate local enterprise, create employment opportunities and support government efforts at poverty reduction and food security at the grassroots,” the council noted.
The traditional ruler of the community, Oba Kayode Kusoro, the Olu of Aga Olowo in whose domain the project is sited, commended Dangote Cement for fulfilling its Corporate Social Responsibility obligations under the Community Development Agreement signed with the host communities.
The monarch appealed to residents to “protect the facility from vandalism and theft”, while urging the company to sustain its support for the community. He praised the collaboration between the private sector, government and local residents, expressing confidence that the plant would become a major hub for cassava processing and wealth creation in the area.
On behalf of women processors beneficiaries in Kajola, Abosede Onifade expressed excitement over the facility, noting that it would significantly ease production processes and enable large-scale output.
“With this mill, we can now produce in larger quantities with less stress. We are grateful to Dangote Cement for improving our livelihoods,” she said.
The modern facility is expected to provide a ready market for cassava farmers, enhance processing efficiency and contribute to long-term socio-economic development across Ewekoro and adjoining communities.
Business
NBS: Kerosene Price Dips as Diesel, Petrol Costs Rise
The average retail price of household kerosene declined marginally in May 2026, while the prices of diesel and petrol recorded significant increases, according to the latest energy price data released by the National Bureau of Statistics (NBS).
The NBS said the average retail price of household kerosene fell by 0.17 percent month-on-month to N2,971.94 per litre in May from N2,976.94 in April. However, the product remained significantly more expensive than a year earlier, rising by 36.62 per cent from N2,175.29 recorded in May 2025.
A state-by-state analysis showed that Sokoto recorded the highest average kerosene price at N3,984.09 per litre, followed by Jigawa at N3,824.68 and Taraba at N3,595.64. Bayelsa posted the lowest price at N2,018.79, while Kogi and Ekiti recorded N2,348.81 and N2,511.31 respectively.
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Across the geopolitical zones, the North-West had the highest average kerosene price at N3,343.12 per litre, while the South-South recorded the lowest at N2,777.76. The NBS also reported that the average retail price of kerosene per gallon dropped by 10.8 per cent to N11,949.39 in May from N13,396.23 in April. On a year-on-year basis, however, the price rose by 40.88 per cent from N8,482.22 recorded in May 2025. Sokoto again topped the chart with the highest average price per gallon at N15,928.39, followed by Kebbi at N15,855.73 and Niger at N14,465.43. Bayelsa recorded the lowest price at N7,084.56.
Meanwhile, diesel prices surged sharply during the month.
The average retail price of Automotive Gas Oil (diesel) rose by 32.44 per cent month-on-month to ₦3,277.47 per litre in May from ₦2,474.69 in April. Compared to May 2025, diesel prices increased by 86.4 per cent from ₦1,758.26 per litre.
Nasarawa recorded the highest average diesel price at ₦3,785.84 per litre, followed by Plateau at ₦3,576.40 and Ebonyi at ₦3,574.75. Kogi had the lowest average price at ₦2,823.85, while Benue and Kebbi recorded ₦2,961.33 and ₦3,016.14 respectively.
The North-West zone recorded the highest diesel price at ₦3,313.60 per litre, while the South-West had the lowest at ₦3,227.55.
Petrol prices also continued their upward trend. The average retail price of Premium Motor Spirit (PMS) increased by 4.13 per cent month-on-month to ₦1,596.25 per litre in May from ₦1,532.93 in April. On a year-on-year basis, petrol prices rose by 55.31 per cent from ₦1,027.76 per litre recorded in May 2025.
Edo recorded the highest average petrol price at ₦1,722.91 per litre, followed by Bauchi at ₦1,715.47 and Benue at ₦1,698.57. Adamawa, Katsina and Sokoto posted the lowest average prices at ₦1,469.83, ₦1,470.63 and ₦1,489.33 respectively.
The South-South zone recorded the highest average petrol price at ₦1,623.84 per litre, while the North-West posted the lowest at ₦1,564.10, according to the NBS.
Courtesy – Daily Sun





