Business
Rite Foods Ltd Investing in Sugar Mills in Niger

Rite Foods Ltd, Uttham Sucrotech International, Legacy Sugar Company Ltd and Niger Foods are investing in sugar mills in Niger State.
The three companies have signed the Memorandum of Understanding (MoU) with the Niger State Governor, Mohammed Umar Bago, for the establishment of six sugar mills to produce 1.6 million tonnes of sugar and 1.45 million tonnes of ethanol a year.
In a statement, the Special Adviser to the Governor on Digital Media and Strategy, Abdullberqy Usman Ebbo, disclosed that of the six sugar mills, four will be sited in the Shiroro and Minna areas of the state.
“The agreement was signed between Uttham Sucrotech International, Rite Foods Ltd, Legacy Sugar Company Ltd and Niger Foods for a three-year, 148,000-hectare project that will see to the establishment of six sugar mills in Niger State, with four to be located between Shiroro and Minna,” he said.
Ebbo explained that each of the six sugar factories is estimated to have a capacity of 5000 to 15000 (TCD) tonnes of sugarcane crushed per day to produce sugar, ethanol and power (clean energy).
He stated that the sugar mills are expected to produce 1.6 million tonnes of sugar and 1.45 million tonnes of ethanol a year and, in turn, boost domestic food production and exports.
He explained that the agreement will further serve as an avenue for providing an enabling environment for investments, in addition to improving food security and the quality of life of the people while also aligning with the state government’s Green Economy Initiative.
Ebbo further stated that Uttham Sucrotech Company will bring multiple benefits to the state through sugarcane production, which includes 110,000 out-growers, refined ethanol, power generation, and cattle feeds, as well as empowering local farmers towards self-sufficiency.
The sugar mills are expected to produce 1.6 million tonnes of sugar and 1.45 million tonnes of ethanol a year and, in turn, boost domestic food production and exports.
He also said benefiting farmers will earn between N5 million and N6 million yearly from the 145 million-litre ethanol off-take programme and assist in promoting community growth, reducing dollar pressure, and supporting local agriculture.
” The out-grower and off-taker component of the agreement will encourage community participation in the programme.
Business
MTN Group says it’s under US investigation

South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.
Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.
In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.
MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.
“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.
Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.
The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.
“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .
Business
UBA Secures N5bn BoI MSME fund for disbursement to key sectors
The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

•GMD/CEO UBA), Oliver Alawuba.
United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.
The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.
UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.
He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.
It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”
Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.
”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.
Business
CPPE Proposes Policy Action to Reduce Food Prices
Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.
CPPE suggested in reaction to the July 2025 inflation reported by the NBS
The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.
Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.
“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.
These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.
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