Business
Segilola Resources Celebrates Christmas with over 2,000 Osun Host Community Families
More than 2,000 children and families in Osun State have received Christmas cheer from Segilola Resources Operating Limited, marking the close of a year defined by community investment and social impact.
Why it matters
For mining host communities, trust and shared benefits often determine whether operations bring development or disruption. Segilola Resources says its approach is to build long-term partnerships beyond gold extraction.
The celebration
Segilola Resources Operating Limited (SROL), Nigeria’s first commercial gold mine operator, has wrapped up 2024 with a large-scale Christmas celebration for its host communities in Osun State.
The event, held on December 20 at the Iperindo town hall, brought together families from surrounding communities for a day of music, games, performances and gift-sharing.
Organised in collaboration with SINIC Engineering and GBfoods, the gathering was designed as a family-focused celebration, with children at the centre of the festivities.
For many residents, it marked one of the few occasions in the year when communities came together in a shared public celebration.
What the company says
Speaking at the event, Segilola’s Community Development and Stakeholder Manager, Madhurii Sarkar-Amoda, said the celebration reflected the company’s long-term commitment to its host communities.
“This is the fifth edition of the Segilola host communities Christmas party and family fun day. We value our host communities and our aim is to continue to impact these communities positively,” she said.
“This celebration was our way of sharing joy with families and reminding them that Segilola Resources remains committed to building relationships rooted in trust, inclusion, and shared value. Moments like this strengthen the bonds that make continued long-term impact possible.”
Beyond the party
The Christmas event was part of a broader end-of-year outreach by the company across Osun State.
This December, SROL sponsored the decoration and beautification of a roundabout and a flyover in Oshogbo, while also distributing seasonal gifts in its host communities.
The company also supported the annual Iwude Festival, a major cultural celebration of the Ijesha people, reinforcing its stated commitment to preserving local traditions.
A year of community projects
The Christmas celebrations capped a year of community engagement across health, skills development and economic empowerment.
In 2024, the company said it trained more than 200 women in business and digital skills.
Through its Livelihood Restoration Programme, farmers in host communities received high-yield cocoa and oil palm seedlings.
SROL also reported providing medical support to more than 3,000 people and launching SegunCare, a health initiative for residents living with chronic conditions.
Industry analysts say such programmes are increasingly important as Nigeria expands its mining sector and seeks stronger community participation.
Recognition and industry impact
Segilola’s community work attracted national recognition in November.
The company received the Community Development Champion of the Year award at the CSR Reporters’ Social Impact and Sustainability Awards.
It was also honoured by the Federal Ministry of Labour and Employment with an Award of Excellence for Upholding the Principle of Decent Work.
In addition, the Nigerian Society of Engineers conferred on the company a Distinguished Corporate Award, highlighting its growing influence in Nigeria’s mining industry.
What’s next
With operations ongoing in Osun State, Segilola Resources says community development will remain central to its activities in 2025.
For residents, the test will be whether these initiatives continue to translate into lasting economic and social benefits beyond festive seasons.
President Bola Ahmed Tinubu has officially commissioned the Gateway International Airport in Iperu-Remo, Ogun State, in a move seen as a major step in expanding Nigeria’s aviation and economic infrastructure.
The event drew top political leaders, business figures and industry stakeholders, highlighting the project’s national significance.
Among those present was real estate developer Adetola Emmanuelking, who welcomed the president and described the airport as a transformative development for the region.
Why it matters
The new airport, delivered under the administration of Ogun State Governor Dapo Abiodun, is expected to improve connectivity and position the state as a strategic hub for commerce, logistics and tourism.
Analysts say improved transport infrastructure could attract investors seeking alternatives to Nigeria’s congested commercial centres.
Aare Emmanuelking said the project would have wide-ranging economic benefits.
“A game-changer that will not only boost connectivity but also stimulate real estate growth, tourism, and industrial expansion across the region.”
Government perspective
Speaking at the commissioning, President Tinubu praised the Ogun State government for delivering what he described as a “world-class facility”.
“This aligns with our Renewed Hope Agenda and underscores the importance of strategic infrastructure in driving national development.”
The president stressed that infrastructure investment remains central to economic growth and job creation across Nigeria.
Industry and public reactions
Business leaders at the event said the airport could ease logistics challenges and reduce travel bottlenecks for investors and manufacturers operating in Ogun and neighbouring states.
Aviation experts note that secondary airports like Gateway International Airport can help decongest major hubs such as Lagos while opening up new economic corridors.
Local residents and entrepreneurs are also expected to benefit from increased commercial activity, with potential growth in hospitality, transport and real estate sectors.
What’s next
The airport is expected to begin phased operations, with stakeholders watching closely to see how quickly airlines, cargo operators and investors take advantage of the new facility.
Experts say sustained success will depend on efficient management, security, and integration with road and rail networks.
Business
Union Bank crisis: Alleged Mismanagement by Former Directors led to ₦400bn Losses, Regulators Say
Nigeria’s banking regulator has intervened in the operations of Union Bank of Nigeria Plc after uncovering what it describes as large-scale financial mismanagement linked to former directors, raising concerns about corporate governance and financial stability.
What happened
According to findings referenced in a press statement, former directors of the bank allegedly concealed over ₦250 billion in losses and exposed the institution to significant risk through unprotected foreign borrowing.
The report also claims that more than $300 million in external loans were improperly structured, leaving the bank solely responsible for repayment obligations.
Investigators further allege that over $100 million was withdrawn irregularly, while internal funds were used to acquire shares in the bank—actions that may breach financial regulations.
Regulatory intervention
The Central Bank of Nigeria (CBN) stepped in amid fears that the bank’s financial position could deteriorate further.
Officials say the intervention was necessary to stabilise operations and prevent wider risks to Nigeria’s banking system.
“Without timely regulatory action, the situation could have escalated into a systemic crisis,” a financial analyst familiar with the matter said.
Why it matters
Union Bank is one of Nigeria’s long-standing financial institutions, and any instability could have ripple effects across the economy.
Experts warn that such cases highlight ongoing concerns about corporate governance, transparency, and risk management in the banking sector.
For customers, the episode raises questions about how deposits are protected and how regulators monitor financial institutions.
Industry and public reactions
Banking analysts say the situation underscores the importance of stronger oversight and accountability.
Some stakeholders have also called for stricter penalties for financial misconduct to deter future violations.
Signs of recovery
Since the intervention, Union Bank is reported to be stabilising, with efforts underway to restore financial health and rebuild trust.
Regulators and industry observers say recovery will depend on sustained reforms, improved transparency, and stronger internal controls.
What’s next
Authorities are expected to continue investigations into the actions of former directors, with potential legal and regulatory consequences.
The CBN is also likely to strengthen oversight mechanisms to prevent similar occurrences in other financial institutions.
Comptroller Frank Okechukwu Onyeka, the Customs Area Controller of Tin Can Island Port Command, has won two major accolades at the 28th Maritime Industry Merit Awards (MIMA 2026), held at Oriental Hotel, Victoria Island, Lagos, on March 30, 2026.
He was named the Most Outstanding Customs Area Controller in Revenue Generation and Most Outstanding Customs Area Controller in Anti-Smuggling, beating competitors with over 90% of more than 4,000 votes.
Why it matters
Tin Can Island Port is Nigeria’s second-largest port, handling billions in import and export trade annually. Comptroller Onyeka’s achievements signal a significant boost in customs efficiency, revenue collection, and national economic protection, impacting government funding and trade facilitation.
Under his leadership since December 2024, the command has recorded record-breaking revenues and significant anti-smuggling successes, reinforcing Nigeria Customs Service’s (NCS) reputation as a trade enabler.
Record-breaking Revenue Collection
Known in maritime circles as the “Revenue Guru,” Onyeka implemented business-friendly strategies that attracted stakeholders to Tin Can Port. Highlights include:
2024 fiscal year: N1.256 trillion collected under his watch.
2025 revenue: N1.609 trillion, exceeding the target by over N85 billion and surpassing 2024 revenue by over N400 billion.
Notable single-day achievement: N16.4 billion collected in August 2025 via the Unified Customs Management System, B’Odogwu.
Onyeka declared Tin Can Port a trade-enabler in 2026, emphasizing that all collectable revenues would be gathered without compromise.
“Our policy of ‘No Choking’ ensures a business-friendly environment for legitimate traders while safeguarding national revenue,” Onyeka said.
Anti-Smuggling Achievements
Beyond revenue, Onyeka has led a stringent anti-smuggling campaign at Tin Can Port. Key results include:
Seizures of illicit drugs, including Cannabis Indica and Crystal Methamphetamine worth over N15 billion between October 2025 and February 2026.
High-profile container intercepts, with all suspects handed to the National Drug Law Enforcement Agency (NDLEA) for prosecution.
“Our intelligence-led operations have significantly reduced illicit trade at the port, protecting national security and the economy,” Onyeka said.
Career and Recognition
Born March 13, 1968, in Lagos, Onyeka holds a B.Sc in Political Science and a Master’s in Public Administration. He joined NCS in 1991, rising through ranks with postings across major commands including Seme Border, Jalingo, and Apapa.
He has received numerous awards:
Comptroller General of Customs Value Addition Award (2023, 2024)
Eagle Eye Transparency and Integrity Initiative Recognition (2025)
Gold Award for Leadership Excellence, League of Maritime Editors (2025)
Beacon of Economic Excellence, Nigeria Professional Wrestling Federation (2025)
Onyeka also supports capacity building, organizing training workshops for maritime journalists in 2025.
“Capacity building and stakeholder engagement are central to sustainable customs operations,” he explained.
What’s next
With 2026 underway, Tin Can Port under Onyeka’s leadership is set to continue record-breaking revenue collection and anti-smuggling efforts, making it a model for other Nigerian ports.
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