Business
Opayemi Salutes Sanwo-Olu Over Successful Lagos Shopping Festival
The success of the maiden edition of the Lagos Shopping Festival (LSF), Africa’s first 72-hour non-stop commerce and entertainment event has been credited to the Governor of Lagos State, Babajide Sanwo-Olu.
This is the view of Managing Director/Chief Strategist of Chain Reactions Africa Ltd, Israel Jaiye Opayemi, one of the main organisers of the event.
According to Opayemi, though Chain Reactions Africa conceptualised the event, the festival could be rightly described as the Governor’s baby and owes its success to his leadership. “Firstly, the Lagos Shopping Festival could not have come to fruition if the Governor did not buy into our audacious plan when we first presented the idea to him during the Covid-19 pandemic in 2020. Secondly, it was the Governor’s exemplary leadership of the project as its Chief Marketing Officer which attracted the buy-in of key sponsors like Zenith Bank, Tolaram Group, First Bank Plc, and Guinness Nigeria Plc,” Opayemi revealed.
ALSO READ: Tinubu Okays Bulletproof SUVs, Medical Benefits, Others For Retired Army Generals
While the duo of Zenith Bank and First Bank provided their bank on wheel platforms for buyers at the Lagos Shopping Festival, they also supported the Vendors with special Point of Sale Machines with which to process payments from buyers. The banks were also seen marketing their diverse banking products to guests within the shopping arena.
For Tolaram, it was a time to support the citizens and give back to society. Guests at the Lagos Shopping Festival were freely given some of the products of the group such as PowerOil, Indomie and Kellogg’s packaged into goodie bags and given out to prospective buyers at the shopping arena. The Children’s Arena was however activated by Indomie with the children entertained by Santa Claus within a well-equipped arena manned by the Indomie Brands team and the Lagos State Safety Marshalls. The children were daily treated to free Indomie meals daily and given various gifts to go home with.
On its part, Guinness Nigeria came through as the real life of the Nigerian party by organizing product sampling activation for the teeming guests at the festival using brands such as Singleton, Johnnie Walker, Ciroc, Don Royale and Captain Morgan to deliver pleasant experiences to guests aside from Guinness and Malta Guinness.
While unveiling the identity of the festival last month, Governor Babajide Sanwo-Olu had thanked the management of Zenith Bank Plc, Tolaram Africa Group, Guinness Nigeria Plc and First Bank of Nigeria for supporting the idea of a Lagos Shopping Festival, describing it as a value addition on the state’s tourism calendar and the overall efforts to grow the State’s GDP. The Governor further said, “I must specially acknowledge your pioneering sponsorship role. It is easy for a corporate sponsor to jump on the sponsorship band wagon of an already established festival and fund it. But you are supporting the maiden edition of this Lagos Shopping Festival with us. The competition is watching you now. Do not build this brand with us and yield the space for the competition to take over. I do hope you would all commit long term to this brilliant initiative.”
On his part, Girish Sharma, CEO Guinness Nigeria Plc, expressed enthusiasm for the initiative. “Lagos is the commercial heartbeat of Nigeria and Africa’s entertainment capital, and the Lagos Shopping Festival captures its essence. We see opportunities in this initiative because it is a creative fusion of commerce and entertainment. This partnership reflects our dedication to fostering economic opportunities and support the nation’s vibrant entertainment industry.”
A first-of-its-kind, the festival was a convergence of commerce and entertainment, bringing together buyers and sellers in the MSME ecosystem, and hordes of fun-seekers who were entertained with thrilling performances by A-list entertainers, including Adekunle Gold, Wande Coal, Teni, Young Jonn, BNXN, Ayo Maff, SB Live and EmmaOMG. The list also included some of Nigeria’s most sought after DJs such as DJ Neptune, DJ YK Mule, DJ Baddo while Gbenga Adeyinka the 1st and Larry J dished out rib-cracking comedy performances.
Held from 23rd to 25th Day of December 2024, at the iconic Mobolaji Johnson Arena, Onikan Stadium, Lagos, the Lagos Shopping Festival saw thousands of fans throng the main venue and select Lagos malls during the three-day period to bag the latest bargains from local and top global brands.
Business
Dangote Named Africa’s Most Admired Brand for 8th Consecutive Year
The Dangote Industries Limited (DIL) has reinforced its position as Africa’s most influential corporate brand after emerging as the continent’s Most Admired African Brand for the eight consecutive years.
In the same vein, the Group Chief Branding and Communications Officer, DIL, Anthony Chiejina, was named among Africa’s 100 Most Influential Chief Marketing Officers.
The recognition was announced at the 16th annual Brand Africa 100: Africa’s Best Brands rankings unveiled in Addis Ababa, Ethiopia. The survey, regarded as Africa’s most comprehensive consumer-led brand study, covered 30 countries representing more than 85 per cent of the continent’s population and economic output.
In the latest rankings, Dangote emerged as Africa’s Most Admired Brand in aided recall, ahead of South Africa’s MTN and Vodacom. In the spontaneous recall category, it ranked second among African brands, behind MTN and ahead of Trade Kings. The Group also retained its position as Africa’s Most Admired Industrial Brand and was ranked the No. 1 African Brand Contributing to a Better Africa, ahead of MTN, DStv, Shoprite/Checkers and Trade Kings, reflecting its significant contribution to industrialisation, job creation, economic development and sustainable growth across the continent.
The rankings show Dangote’s growing influence as one of Africa’s most recognisable corporate brands, built on investments spanning cement, fertiliser, petrochemicals, energy, sugar, salt, packaging and logistics. Brand Africa noted that despite a modest rebound in African brand recognition, homegrown brands still account for only 15 per cent of Africa’s 100 most admired brands, highlighting the continued dominance of foreign brands across the continent.
Brand Africa Founder and Chairman, Thebe Ikalafeng, described the promotion and support of African brands as a critical economic imperative for the continent.
“Converting goodwill towards African contribution into admiration for African brands is the most urgent commercial opportunity for the continent. It is not enough for Africans to believe in Africa, they must buy Made-in-Africa,” he said.
The survey also ranked Dangote among Africa’s leading brands in sustainability and social impact, placing second in the category of brands recognised for doing good for society, people and the environment.
Despite the dominance of global brands across Africa, Dangote has cemented its position as one of the continent’s leading corporate brands, alongside MTN and Ethiopian Airlines. The three emerged as the highest ranked African brands in the 2026 Brand Africa rankings, standing out on a list dominated by global names such as Nike, Adidas, Samsung, Apple and Coca-Cola.
The achievement is notable given that African brands accounted for just 15 percent of the Top 100 rankings, compared with 38 percent for European brands, 28 percent for North American brands and 19 percent for Asian brands.
Further strengthening the Group’s standing, its Group Chief Branding and Communications Officer, Anthony Chiejina, was selected for the inaugural Africa CMO 100 (ACMO100) list, which recognises the continent’s most impactful marketing, brand and reputation leaders.
ALSO READ: NUPRC Urges Lenders to Back Domestic Oil and Gas Coys
The ACMO100 initiative, launched by Brand Africa in partnership with African Business magazine, MIPAD and the African Media Agency, honours marketing executives whose work is shaping Africa’s business narrative, strengthening brand equity and driving economic growth across the continent and the diaspora.
Chiejina was among only 20 executives selected from West Africa and one of 17 Nigerians recognised for their contribution to brand building, corporate reputation management and strategic communications.
According to Brand Africa, the selection process was based on independent research, industry impact, leadership influence and contribution to the growth of brands that shape consumer perceptions and economic outcomes across Africa.
The latest recognition adds to a growing list of honours for Dangote Industries, which was inducted into the Brand Africa Hall of Fame last year for consistently ranking among Africa’s most admired brands over more than a decade. Its President and Chief Executive, Aliko Dangote, was also honoured with a Lifetime Achievement Award for championing industrialisation and building one of Africa’s most successful indigenous enterprises.
Caption: Founder and Chairman of Brand Africa, Thebe Ikalafeng; CEO, Dangote Cement Ethiopia, Danilo Trugillo; and President of the Ethiopian Marketing Professionals Association and Chief Marketing Officer of Population Services International, Fana Abay, display some of the awards won by Dangote Industries Limited during the 16th Brand Africa 100 Awards ceremony in Addis Ababa, Ethiopia.
Business
IATA Sees Rising Fuel Costs Wiping Out Margins
The International Air Transport Association (IATA) has projected that global airline profitability will decline sharply in 2026, citing war-related disruptions in the Middle East and rising jet fuel prices as key factors behind the downturn.
According to IATA’s latest outlook, airlines are expected to post a combined net profit of $23bn in 2026, nearly half of the $45bn estimated for 2025 and significantly below the earlier projection of $41bn for the year.
The association also noted that carriers in the Middle East are likely to slip into losses due to weak demand and operational disruptions, while airlines in other regions are expected to remain profitable, albeit at reduced levels.
On the outlook, IATA Director General Willie Walsh said, “War-related disruptions in the Middle East and rising fuel costs have shifted the outlook for airlines to the worst. Globally, airlines are expected to see profitability halve compared to 2025. Profits will shrink from $45bn in 2025 to $23bn this year.
“And margins will shrink from 4.2 percent to 2.0 percent. All airline bottom lines are suffering from the rapid 70 percent rise in jet fuel prices. Some of the additional cost is being recuperated by adjusting prices and improving efficiency, but it will not be sufficient to maintain profitability at the previous year’s level. Smaller carriers that started the year with weak balance sheets are certainly struggling.”
ALSO READ: Nigeria’s First Energy Infrastructure Map for Unveiling at NOG 2026
Walsh added that the Middle East would be the only region expected to record losses. “At the regional level, all are in the black but with sharply reduced financial performance, with the exception of the Middle East. The Gulf carriers face operational uncertainty following a near-complete shutdown of airspace at the outbreak of the war. These carriers are doing an amazing job maintaining connectivity, but major financial impacts are unavoidable.
“Even in the best of times, the airline industry as a whole suffers from low margins and returns below the cost of capital. The oil price shock has tested airline financial resilience as net margins have been squeezed to 2.0 percent globally.
“Airlines are bearing the brunt of the fuel price shock. While air fares are rising, airlines are still absorbing part of the hike in their bottom lines. Net profit per passenger is expected to fall to $4.50, half of what it was last year. Under the circumstances, that shows resilience. But it won’t even buy you a hot dog at most of the FIFA World Cup venues, and it does not leave much of a buffer should other costs or taxes start rising.”
IATA further stated that the industry’s net profit margin would decline to 2.0 per cent in 2026, compared to 4.2 percent recorded in 2025 and below the previously projected 3.9 per cent. It added that net profit per passenger transported would drop to $4.50 in 2026 from $9.10 achieved in 2025.
The association projected that operating profit would fall to $48 billion in 2026 from $76.4 billion in 2025, while the net operating margin would decline to 4.1 percent from 7.2 percent over the same period.
The IATA also said the industry’s return on invested capital would decrease to 4.3 percent in 2026 from 6.6 percent in 2025, remaining below the estimated weighted average cost of capital of 8.5 percent.
According to the association, the gap underscores the structural challenges facing the global airline industry, where profitability shocks can quickly undermine capital efficiency.
Business
NUPRC, NNRA to Sync Regulations, Improve Industry Safety
As part of efforts to reduce the cost of doing business in the upstream petroleum sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Nuclear Regulatory Authority (NNRA) are reviewing regulatory processes in the bid to strengthen radiological safety in oil and gas operations.
The initiative, a statement on Sunday, has it was on the agenda at a recent meeting between the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, and the Director-General and Chief Executive Officer of the NNRA, Yau Idris, at the commission’s headquarters in Abuja.
In the statement, the Head of Corporate Communications and Media at the NUPRC, Eniola Akinkuotu, averred that the collaboration is expected to address overlapping regulatory requirements, close existing gaps in oversight, and create a more efficient compliance framework for operators in the industry.
The statement read, “The Nigerian Upstream Petroleum Regulatory Commission is partnering with the Nigerian Nuclear Regulatory Authority in order to enforce radiological safety in oil and gas operations and reduce the overall cost of operations.”
While the NUPRC regulates the technical, commercial, and operational aspects of oil and gas exploration and production, the NNRA is responsible for regulating the possession, use, transportation, and disposal of radioactive materials and radiation-emitting equipment across the country.
During the meeting, Eyesan stressed the need for greater collaboration among regulators to eliminate duplication and improve the investment climate in Nigeria’s oil and gas sector.
She noted that excessive regulatory requirements often translate into additional costs for operators, ultimately affecting the competitiveness of the industry.
“The only way we can safeguard investments is to reduce our cost of operations, and when you have a multiplicity of laws, the likelihood is that you will have higher costs because each law normally will come with its own fees and charges,” the NUPRC boss said.
ALSO READ: Dangote Refinery Hits 700,000bpd Output, Eyes Global Leadership
Eyesan nominated senior officials from the commission who will work closely with the NNRA on the task ahead.
“We have identified critical areas on both sides and we believe that, as we collaborate, we can close existing gaps,” she said.
Responding, Idris said the cooperation of the NUPRC was crucial because the upstream petroleum industry remains one of the largest users of radioactive sources and radiation-emitting equipment in Nigeria.
According to him, radioactive technologies are widely deployed in well logging, industrial radiography, and nucleonic gauging activities that support oil and gas exploration and production.
He explained that the partnership would enable both agencies to share information and simplify compliance procedures for operators.
“The goal is a single-window approach, where both agencies share information rather than requiring operators to submit the same data twice,” he said.
Idris further stated that, since oil and gas extraction often brings Naturally Occurring Radioactive Materials (NORM) to the surface, the NNRA seeks the assistance of the commission to ensure that operators conduct radiological impact assessments as part of their broader Environmental Impact Assessments, while NORM management protocols are incorporated into the NUPRC’s environmental guidelines for the upstream sector.
The two agencies also agreed to deepen collaboration in training, capacity building, and knowledge sharing on radiation protection and safe operational practices.
The latest partnership comes as the Federal Government intensifies efforts to boost investment in the petroleum sector, increase production, and enhance operational efficiency following the implementation of the Petroleum Industry Act.





