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Tinubu Lures Indian Investors With Returns

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President Bola Ahmed Tinubu has commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, and assured them of high returns on investments.

This was contained in a statement released on Wednesday, by Special Adviser to the President, Media and Publicity, Ajuri Ngelale.

President Tinubu said, “we are ready to give you the best returns for investment possible, there’s nowhere else like our country. Nigeria offers the best returns for investment today, so invest now.”

Among the many new investments, Indorama Petrochemical Limited pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

On its part, Jindal Steel and Power Limited, one of India’s largest private steel producers, committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.

Founding President, SkipperSeil Limited, Jitender Sachdeva announced that, following President Tinubu’s personal intervention, he would be investing $1.6 billion U.S. dollars in the establishment of 20 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.

Additionally, the President has approved finalisation on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40 percent self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.

Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed commitment to investing an additional $700 million in Nigeria, with work set to begin immediately.

Emphasising that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to all Indian companies and individuals who responded positively to his administration’s efforts to improve Nigeria’s macroeconomic and investment climate.

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests.

“The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” the President affirmed.

He informed prospective investors that in Nigeria, there is no free lunch or shortcuts, but that he has “good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure.

“I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world,” the President added.

He made it clear that Nigeria was open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.

The President also told the Summit that “he is proud” that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who addressed the roundtable themed, “Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy,” thanked Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.

Commending the Tata Group and so many others who responded promptly to President Tinubu’s bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the Finance Minister noted, “I also wish to thank Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria,” Edun said.

Edun further used the opportunity to explain the underlying principles of President Tinubu’s eight-point strategy, emphasising that his agenda was geared towards the promotion of growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.

On behalf of investors, Chairman of Bharti Enterprises, Sunil Bharti Mittal told the President, “You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure.

“Now, you have just dropped your prepared remarks and have spoken from your heart.

“Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies.

“Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more.”

Also, at the event, Nigeria’s Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India’s Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for Co-operation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

The Minister also signed an MoU with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involve interventions relating to education technology, to be implemented at population scale for digital economic transformation.

Under the watch of Nigeria’s Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.

Closing the interactive session, Director-General, Confederation of Indian Industries (CII), Chandrajit Banerjee, noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.

“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.

The Presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs;
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.

Following the Roundtable, the President met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.

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Police Link Politicians to 30 Killings Ahead of Osun Gov Election

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The Nigeria Police Force (NPF) has disclosed that some politicians may be connected to the 30 alleged politically motivated killings recorded in Osun State ahead of the August 15 governorship election.

The Force Public Relations Officer (FPRO), CSP Anietie Iniedu, made the disclosure on Tuesday during an appearance on Channels Television’s Morning Brief, saying investigations into the killings are ongoing.

According to him, several suspects have already been arrested, while some have been paraded by the police and charged to court.

Iniedu said the police could not rule out the involvement of politicians based on complaints received during the investigation.

“From the complaints received, we cannot rule out the involvement of some politicians in the killings,” he said.

However, he declined to disclose the identities of the suspects or provide further details, explaining that doing so would amount to sub judice and could prejudice ongoing court proceedings.

He assured Nigerians that more information would be made available after investigations are concluded and the cases before the courts are determined.

Responding to allegations that the police were complicit in the political crisis in the state, Iniedu insisted that the force would not shield anyone found culpable.

“The police will never be part of any cover-up and will not shield any person involved in any crime,” he stated.

He added that while election periods often come with accusations and counter-accusations against security agencies, the Inspector-General of Police (IGP), Olatunji Disu, has directed officers to ensure every suspected criminal is tracked, arrested and prosecuted.

The police spokesperson recalled that the IGP recently visited Osogbo, the Osun State capital, where he met with Governor Ademola Adeleke and other political stakeholders to address rising political tension ahead of the governorship election.

According to him, the IGP warned all political actors against sponsoring violence and stressed that the police would not tolerate any breakdown of law and order.

He also urged parents to caution their children and wards against being used as political thugs.

On allegations of partisanship against the Osun State Commissioner of Police, Ibrahim Gotan, Iniedu said the IGP had already addressed the matter with the commissioner and warned against actions capable of undermining public confidence.

He further disclosed that the police have deployed specialised tactical units, drones and helicopters across Osun State to strengthen security and improve intelligence gathering ahead of the election.

Iniedu also revealed that the Nigeria Police Force currently has more than 400,000 active personnel nationwide.

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FG Pressures Dangote, Marketers to Cut Depot Prices

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Consumers seem to be getting their wish as Nigeria’s downstream petroleum market witnessed another round of price reductions on Monday, as the Federal Government’s pressure on the relevant stakeholder-segment bore fruits.

Biztellers reports that the Dangote Petroleum Refinery & Petrochemical (DPRP) and several major fuel marketers lowered depot prices for Premium Motor Spirit (PMS), popularly known as petrol, and diesel.

Analysts also trace the development to resolution of the MiddleEast crisis, growing competition and improving product availability.

Prior to the price adjustments, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, declared before a stakeholders’ meeting that the current retail price of petrol does not reflect the sharp decline in price of crude oil.

The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), was attended by representatives of the DPRP, Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigerian Association of Road Transport Owners (NARTO), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

ALSO READ: Old Stock doesn’t Justify High Fuel Prices – FG

The latest mid-day depot price report showed that the DPRP reduced its ex-depot petrol price in Lagos by N3 per litre, from N1,079 to N1,076 per litre, while maintaining its diesel price at N1,500 per litre.

The reduction comes as several marketers also adjusted their prices downward in an apparent bid to remain competitive in an increasingly price-sensitive market.

Among the major Lagos depots, NIPCO cut its petrol price by N2 to N1,076 per litre, while Pinnacle lowered its price by N3 to N1,075 per litre. Sahara, AIPEC, and African Terminal each reduced prices by N4, bringing their petrol prices to N1,075 per litre.

On its part, Aiteo maintained its petrol price at N1,075 per litre.

Diesel prices also softened across several depots. Rain Oil reduced its AGO price by N15 to N1,430 per litre, while Ibeto, Duport, and Ibachem all cut prices to N1,430 per litre. Dangote Refinery, however, retained its diesel price at N1,500 per litre.

Speaking after a stakeholders’ meeting on Cost-Reflective Pricing of PMS, Lokpobiri noted that while the government did not interfere when petrol prices rose in response to higher crude oil prices, there was now no justification for maintaining current pump prices with Brent crude trading below $70 per barrel.

“NMDPRA never faulted anybody as far as the price was concerned because we are operating a fully deregulated economy.

“But deregulation doesn’t mean excessive profiteering. The Petroleum Industry Act also places responsibility on NMDPRA to ensure that steps are taken to prevent unnecessary profiteering.

“When Brent crude was about $118 per barrel, prices adjusted rapidly. Now that crude prices have dropped significantly, why has the pump price not come down in the same way?” he asked.

The Minister said discussions with marketers were constructive and would continue until a framework was agreed to ensure petrol prices better reflected developments in the global crude oil market.

“We had very fruitful and frank discussions with the marketers and leaders of the downstream sector with a view to driving down the price of PMS. The engagements are still ongoing.

“We told them the concerns of Nigerian consumers, and they have agreed to go back and think of what concrete steps can be taken. Discussions are ongoing, and we believe we are getting somewhere,” he said.

In the same vein, Chief Executive of NMDPRA, Rabiu Umar, said the current disconnect between falling international crude prices and sustained domestic retail PMS prices made the engagement with marketers necessary.

He noted that previous consultations with stakeholders had helped ease prices in the domestic Liquefied Petroleum Gas (LPG) market and expressed confidence that similar dialogue would deliver positive results for petrol consumers.

“Deregulation is not a licence for market distortion or unfair consumer pricing. Sustainable profitability for marketers and consumer welfare are not mutually exclusive,” Umar said.

Meanwhile, IPMAN said petrol prices could decline below N800 per litre as independent marketers begin purchasing products directly from the DPRP.

IPMAN National President, Abubakar Garima, said the association had already reduced petrol prices by about N125 per litre across the country and would continue to lower prices whenever product acquisition costs decline.

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Fashola Gives Self Credit for Luring DPRP to Lagos with Land Allocation

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A former Governor of Lagos State, Babatunde Fashola (SAN), has claimed that the state government deliberately discounted the price of land allocated to the Dangote Group to ensure that the multi-billion-dollar refinery project was sited in Lagos.

According to Fashola, the decision made by his administration proved to be a strategic investment that ultimately paved the way for what has become the 650,000-barrel-per-day Dangote Petroleum Refinery and Petrochemicals (DPRP) in the Lekki Free Zone.

He made the assertions at the Chartered Institute of Directors (CIoD) Nigeria Women Directors’ Biennial Conference in Lagos, where he delivered a keynote address titled “From Presence to Power: Advancing Women’s Influence in the Boardroom.”

The former governor was quoted by Nairametrics as saying that the breakthrough came after then Commissioner for Commerce and Industry, Olusola Oworu, urged the state government to look beyond immediate revenue from land sales.

According to him, negotiations with the Dangote Group had reached a stalemate after the company considered the state’s asking price for the land too high.

ALSO READ: Old Stock doesn’t Justify High Fuel Prices – FG

Fashola explained that Lagos operated a fixed pricing regime for land allocations, making it difficult to depart from established rates. However, Oworu argued that attracting a transformational investment was more valuable than insisting on the land’s full price.

Recalling the deliberations at the State Executive Council (SEC), Fashola quoted the former commissioner as saying that with thousands of hectares in the Lekki Free Zone still awaiting development, it was economically wiser to offer a concession to an investor willing to commit about $19 billion to build a refinery.

According to him, she argued that once such a landmark investment took off, it would attract other investors and significantly enhance the value of the remaining land.

“That was a thinking decision. The whole council then looked at me, and I surrendered,” Fashola said, noting that the intervention altered the course of the discussions and ensured that Lagos retained the project.

He said the experience demonstrated that effective leadership should be judged by competence and strategic thinking rather than gender.

“Ineffectiveness is not a gender thing; it is a human thing,” he added.

Fashola cited the episode as an illustration of the value women bring to leadership when allowed to influence critical decisions, stressing that organisations should place greater emphasis on competence, preparation and impact.

Earlier, speakers at the conference urged public and private institutions to move beyond increasing the numerical representation of women on corporate boards and instead create opportunities for them to shape strategic decisions.

First Vice-President of CIoD Nigeria, Amina Oyagbola, observed that although more women served on boards and occupied leadership positions, they remained underrepresented in board chairmanships and executive offices where major corporate decisions are taken.

She called for stronger mentorship and sponsorship programmes to better prepare more women for top leadership roles.

In his remarks, President and Chairman of the Governing Council of CIoD Nigeria, Adetunji Oyebanji, said board appointments should be based on competence, integrity and professional capability rather than traditional pathways that have historically limited women’s access to senior leadership positions.

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