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Chart & Capstone, Sinomach-HE Sign $2.5bn Deal to Boost Steel Production in Nigeria

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In a landmark deal aimed at revitalizing the nation’s steel industry, Nigerian company Chart & Capstone Integrated Ltd has signed a $2.5 billion financial and technical cooperation agreement with Sinomach-HE, a Chinese engineering and construction firm, for the development of a world-class steel production plant operating across Kogi and Delta States.

The official signing ceremony took place on April 14, 2025, at Sinomach’s headquarters in Deyang, Sichuan Province, China.

Chief Immanuel Abel Edijala, Chairman and CEO of Chart & Capstone, and Lou Xiangdong, Chief of Sinomach-HE’s Chengdu Representative Office, were the signatories of the agreement. Key witnesses to the signing included Joseph Tegbe, Director General of the Nigeria-China Strategic Partnership, and Dr. Ilesanmi Abiodun Bakare, Acting Consul General of Nigeria in Shanghai.

According to the parties involved, the plant will focus on processing Nigeria’s abundant iron ore into high-quality finished steel products, reducing the country’s reliance on imports and fostering industrialization.

“The goal is to transform Nigeria from a steel importer into a self-sustaining steel-producing nation,” said Chief Edijala. “This partnership marks a significant milestone in our industrial journey.”

Dr. Bakare emphasized the broader impact of the agreement, noting, “This collaboration is a testament to the strengthening of Nigeria-China economic ties and the mutual desire to drive sustainable development.”

Financial close and groundbreaking for the project are expected in the fourth quarter of 2025, with equipment installation slated for early 2026.

Once operational, the plant is projected to create thousands of jobs, boost local infrastructure, and catalyze long-term economic advancement.

“This initiative is not just about steel; it’s about nation-building,” said Tegbe. “The multiplier effect of this investment will be felt across multiple sectors of our economy.”

The partnership underscores the increasing relevance of strategic foreign alliances in Nigeria’s industrial transformation journey.

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Onoriode Akusu Wins Emerging PR Champion of the Year Award at Brand Handlers Summit 2026

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Onoriode Akusu, founder and lead strategist of Alphabet PR Limited, has been named Emerging PR Champion of the Year at the 2026 Brand Handlers Summit and Awards, a recognition that highlights his growing influence within Nigeria’s public relations and strategic communications sector.

The award was presented during the second edition of the Brand Handlers Summit and Awards, a marketing communications platform that brings together professionals from across branding, advertising, public relations, and media industries.

Organisers said the recognition reflects Akusu’s contributions to public relations, his client-focused approach to narrative development, and his efforts to promote strategic communication practices in Nigeria and beyond.

Why it matters

The public relations industry has become increasingly important as businesses, institutions, and public figures seek to strengthen trust, manage reputation, and engage audiences in a highly competitive digital environment.

Industry observers say recognition programmes such as the Brand Handlers Summit Awards help spotlight professionals introducing new approaches to communication, brand positioning, and audience engagement.

For emerging agencies, industry accolades can also enhance credibility and attract new opportunities in a sector where innovation and measurable impact are becoming key performance indicators.

Akusu reacts to the recognition

Speaking after receiving the award, Akusu described the honour as recognition of the broader value of effective communication.

“This award is not just a personal milestone but a testament to the power of impactful communication in building brands and telling stories that resonate with people.”

He added:

“At Alphabet PR Limited, we remain committed to pushing boundaries by empowering brands, individuals, and institutions with strategic storytelling, media influence, and reputation management that drives trust, visibility, and impact in the real world.”

Spotlight on strategic communications

The Brand Handlers Summit and Awards celebrates excellence across marketing, communications, and brand management, recognising professionals and organisations shaping industry trends.

Akusu’s latest recognition is expected to further raise the profile of Alphabet PR Limited, which has positioned itself as a strategic communications agency focused on storytelling, media engagement, and reputation management.

Communications experts note that demand for strategic public relations services continues to grow as organisations increasingly rely on authentic storytelling and stakeholder engagement to strengthen public trust.

Industry perspectives

Marketing and communications professionals have increasingly highlighted the role of narrative strategy in helping organisations navigate changing consumer expectations and the fast-paced digital media landscape.

Awards recognising emerging practitioners are often viewed as indicators of future leadership within the sector, particularly as younger professionals introduce new approaches to audience engagement, digital communications, and brand reputation management.

What’s next?

Following the recognition, industry attention is likely to focus on how Alphabet PR Limited expands its footprint within Nigeria’s communications industry and across regional markets.

The award also reinforces ongoing conversations about the growing influence of public relations professionals in shaping business reputation, public perception, and stakeholder engagement in an increasingly connected world.

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Moniepoint CEO Pushes Credit-Driven Growth as CBN Launches Nigeria Payments Vision 2028

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Nigeria’s financial technology sector should focus on using payment data to expand access to credit for small businesses, according to Moniepoint founder and Group Chief Executive Officer, Tosin Eniolorunda.

Speaking during the launch of the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision (PSV) 2028 in Abuja, Eniolorunda said the country’s next phase of financial services growth will come from building lending products on top of existing payment infrastructure.

The comments come as the CBN seeks to accelerate financial inclusion, innovation and resilience through its new payments roadmap, which aims to expand access to financial services and strengthen Nigeria’s digital economy.

“I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions,” Eniolorunda said.

Why It Matters

Nigeria has emerged as one of Africa’s largest fintech markets, driven by rapid growth in digital payments, mobile money services and agent banking networks.

Despite this progress, access to credit remains a major challenge for many micro, small and medium-sized enterprises (MSMEs), which contribute significantly to employment and economic activity.

Industry analysts say limited collateral requirements, inadequate credit histories and high lending risks have historically prevented many small businesses from accessing formal financing.

Eniolorunda argued that payment platforms already generate valuable transaction records that can help lenders better understand business performance and make faster lending decisions.

“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier.”

CBN Targets Deeper Financial Inclusion

At the launch event, Olayemi Cardoso, Governor of the Central Bank of Nigeria, said the PSV 2028 framework builds on decades of progress in digital payments and aims to deepen financial inclusion.

According to Cardoso, Nigeria has developed one of the continent’s most innovative payment ecosystems, supported by fintech innovation and widespread adoption of digital financial services.

“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent.”

The governor said financial inclusion must remain a national priority, noting that millions of Nigerians are still outside the formal financial system.

“Inclusion and not exclusion must define our future.”

Cardoso added that the PSV 2028 framework seeks to raise financial inclusion levels to 95%, potentially bringing tens of millions of additional Nigerians into the formal banking ecosystem.

Industry Leaders Call for Collaboration

The panel discussion featured several key figures from Nigeria’s financial services sector, including Abubakar Suleiman, Chief Executive Officer of Sterling Bank Plc, who moderated the session.

Other participants included Premier Oiwoh of Nigeria Inter-Bank Settlement System, Deremi Atanda of Remita Payment Services Limited and Uche Uzoebo of Shared Agent Network Expansion Facilities.

Eniolorunda stressed that achieving the ambitions of PSV 2028 would require cooperation across the financial ecosystem.

“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision.”

His remarks echoed concerns raised by Cardoso about avoiding inconsistent policy implementation and ensuring continuity in financial sector reforms.

What It Means for Small Businesses

For millions of Nigerian entrepreneurs, the discussion goes beyond payments and technology.

The ability to access affordable credit can determine whether businesses expand, hire workers or survive economic pressures.

Experts say that if payment data can be effectively used to assess risk and creditworthiness, more businesses could gain access to loans without relying solely on traditional collateral requirements.

The approach aligns with global fintech trends where transaction histories, digital records and alternative data are increasingly used to support lending decisions.

Moniepoint’s Growing Role in Business Finance

Moniepoint has built its reputation through payment infrastructure, agent banking and business banking services targeted at small businesses.

The company says it disbursed more than ₦1 trillion in loans to Nigerian MSMEs in 2025, reflecting growing demand for digital financial services and alternative credit solutions.

Industry observers note that the company’s push for credit-based innovation aligns closely with key objectives outlined in the PSV 2028 roadmap, including open banking, infrastructure resilience and broader economic integration.

What Happens Next?

The success of PSV 2028 will likely depend on how effectively regulators, banks and fintech firms collaborate to translate policy goals into practical financial services.

If successful, the framework could accelerate financial inclusion, improve access to credit and strengthen Nigeria’s position as a leading fintech hub in Africa.

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Nigeria Customs Strengthens Global Trade Ties as CGC Adeniyi Hosts Diplomatic Reception in Abuja

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Comptroller-General of Customs Adewale Adeniyi speaking during a diplomatic reception in Abuja.

The Nigeria Customs Service (NCS) has intensified efforts to strengthen international partnerships and trade cooperation after hosting a high-level diplomatic reception in Abuja attended by foreign envoys, security chiefs, and senior government officials.

The event, held on Tuesday at the Nigeria Customs Service Headquarters in Maitama, Abuja, brought together ambassadors, high commissioners, heads of diplomatic missions, and representatives from key government institutions.

Officials said the gathering was aimed at deepening collaboration on trade facilitation, border security, and diplomatic relations at a time when global supply chains and international trade networks are becoming increasingly interconnected.

Why It Matters

As Africa’s largest economy seeks to expand trade opportunities and improve revenue generation, stronger cooperation between customs administrations and diplomatic missions is increasingly viewed as essential.

The Nigeria Customs Service plays a critical role in facilitating international trade, securing borders, and implementing government trade policies.

Industry observers say stronger customs diplomacy can help improve investor confidence, reduce trade bottlenecks, and enhance Nigeria’s competitiveness in regional and global markets.

Adeniyi Reaffirms Commitment to International Cooperation

Speaking at the event, the Comptroller-General of Customs, Adewale Adeniyi, thanked international partners for their continued support and collaboration with Nigeria.

“We recognize and appreciate your contributions to strengthening diplomatic and trade relations. The Service remains committed to providing the support and services required for diplomatic missions to operate effectively in Nigeria,” he said.

Adeniyi noted that the Customs Service has expanded its international engagement through structured partnerships with more than 20 customs administrations worldwide.

According to him, these partnerships focus on knowledge exchange, capacity building, and operational cooperation designed to improve trade facilitation and border management.

Customs Seeks Stronger Security and Trade Collaboration

The Customs chief stressed that collaboration among customs authorities, diplomatic missions, and security agencies remains vital in addressing modern trade and security challenges.

He said such partnerships contribute to more efficient border management, improved revenue collection, and stronger economic competitiveness.

“Modern Customs administration now operates within a highly interconnected global system,” Adeniyi said.

“Continuous engagement, trust-building, and shared responsibility among international partners are necessary to address emerging challenges in trade, security, and compliance management.”

The reception was attended by senior officials, including the Inspector-General of Police, the Chief of the Air Staff, members of the Customs management team, and representatives of various security institutions.

Diplomatic Reception Seen as Platform for Future Partnerships

Adeniyi said events such as the diplomatic reception create opportunities for dialogue, relationship-building, and the exploration of new areas of cooperation.

Analysts note that stronger engagement between customs authorities and foreign missions can support efforts to streamline trade procedures, improve information sharing, and enhance cross-border enforcement mechanisms.

The reception concluded with networking sessions and goodwill messages from participants, who commended the Nigeria Customs Service for promoting institutional cooperation and fostering an environment conducive to international collaboration.

Industry Perspective

Trade experts have increasingly highlighted the importance of customs modernization and international cooperation in supporting economic growth.

With the implementation of continental trade initiatives such as the African Continental Free Trade Area, customs agencies across Africa are under pressure to improve efficiency, facilitate legitimate trade, and strengthen border controls.

Observers say Nigeria’s continued engagement with global customs administrations could help position the country more effectively within evolving international trade networks.

What Happens Next?

The Nigeria Customs Service is expected to continue expanding bilateral and multilateral partnerships as part of broader efforts to modernize customs operations and improve trade facilitation.

Officials say future engagements will focus on enhancing institutional cooperation, strengthening border management systems, and supporting Nigeria’s economic development objectives.

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