Business
AfDB President, Adesina confident of “very promising future” for continent
“The future of our continent is looking very promising indeed,” African Development Bank Group President Akinwumi Adesina declared in the opening words of his address to diplomats at a lunch organised today, Tuesday, in Abidjan.
Adesina referred to the Bank’s recent flagship publication, the African Economic Outlook 2019 which noted that the recovery in commodity prices is driving domestic demand and infrastructure investment, while real Africa’s GDP continued to improve in 2018 to 4.1%. The Bank expects growth of 4% this year and 4.1% in 2020.
Economic opportunities in Africa are generating considerable interest globally. For example, the agreement in March 2018 establishing the African Continental Free Trade Area (AfCFTA) will create the largest free trade area in the world. The CFTA will provide an unprecedented framework with the capacity to increase trade by at least 100% in Africa.
“The African Development Bank is at the centre of the actions taken to ensure the success of the continental free-trade area. We have invested over one billion dollars to support the financing of trade in Africa,” Adesina said.
The Bank, whose triple-A rating with stable outlook has been reconfirmed by the four major global rating agencies, has also invested $1 billion in Afreximbank, including $650 million in credit lines for trade finance and $350 million in insurance.
The free movement of people on the continent is another important driver of development. “We need to break down all barriers that impede the free movement of people across the continent, especially that of workers, because this is vital for promoting investment,” Adesina said.
In its report on intra-African investment, the African Development Bank emphasised the significant increase incross-border investments – $12 billion last year, up from $2 billion in 2010. Under the G20 Compact with Africa, the Bank has worked with the World Bank and the IMF to provide assistance to African countries, particularly to improve company regulations and the business environment.
“Africa will not develop through aid, but through investment”, said Adesina. This is whythe African Development Bank, with its partners, launched the highly successful Africa Investment Forum (AIF) in Johannesburg, South Africa last November, securing investment interest in 49 deals across Africa worth over $38 billion in just two days.
The African Development Bank continues to invest in infrastructure to connect countries and improve their competitiveness. It has provided $16 million to the Economic Community of West African States (ECOWAS) for the preparation of feasibility studies for the Lagos-Abidjan corridor. It has also funded 1000 kilometres of road between Addis Ababa and Mombasa, which has increased trade fivefold between Ethiopia and Kenya.
The Bank was the lead lender for the construction of the historic Senegambia bridge linking Gambia and Senegal which opened on 21 January 2019. And the Bank’s investment portfolio in Côte d’Ivoire has tripled in the last three years, reaching $1.8 billion in 2018.
The Bank is taking a lead role in the “Technologies for African Agricultural Transformation” (TAAT) initiative, which seeks to accelerate the dissemination of agricultural technologies throughout the continent, not only to improve yields, but also to fight against the consequences of global warming and against pests, such as Fall Armyworm. “The crucial point for the economic development of Africa is that we have to radically transform our agriculture,” Adesina declared.
The Bank’s High 5 priorities are already producing significant impacts across the continent,” said the Bank’s President.In 2018, 4.5 million people were connected to electrical grids.Nearly 20 million more people have access to improved agricultural technologies.Industrial investments in the private sector have benefited 1.1 million people.Some 14 million people have gained access to improved transport services, while another 8 million people have benefited from better access to water and sanitation.These impacts encourage the Bank to redouble its support for economic and social development in Africa.
“We need to achieve universal access to electricity. We need to help Africa to become self-sufficient in food. We need to achieve a fully integrated continent. We need to industrialize Africa and improve the quality of life for its people,” Adesina concluded.
Sedabuk Oil and Gas Industry Limited has been listed among the 100 Safe Companies to Do Business With in Africa for 2025 by Emerging Elites Magazine International, in recognition of the firm’s integrity-driven operations, strict compliance culture, and employee-focused policies.
The award was presented to the Managing Director of the company, Engr. Adunola Oseni, at a ceremony attended by members of Sedabuk’s management and staff, alongside the editorial board and team of Emerging Elites Magazine in Lagos.
Presenting the award, the Editor-in-Chief of Emerging Elites Magazine International, Princess Olivia Chukwuma, said Sedabuk emerged after a “thorough, transparent and merit-based selection process” designed to identify African businesses that exemplify excellence and ethical conduct.
According to her, the 100 Safe Companies to Do Business With in Africa Award is an international initiative created to recognise indigenous African companies with proven records of integrity, safety, and best business practices, noting that awardees are continuously monitored and recertified every three years if standards are sustained.
The MD of Sedabuk Oil and Gas Industry Limited, Engr. Adunola Oseni, poses with the Certificate of Award shortly after the company was recognised among Africa’s 100 safest companies to do business with.
Chukwuma said Sedabuk was selected for its employee-centric culture, stressing that the company has no record of unpaid salaries since inception, maintains fair wages, and prioritises staff welfare through initiatives such as its “One Nutritional Meal a Day” programme, which she described as “rare and commendable” in Nigeria’s oil and gas sector.
She also cited the firm’s zero-tolerance policy for fraud, recalling a June 2022 incident in which a pump attendant was sanctioned for under-dispensing fuel while affected customers were compensated, an action she said “clearly reflects Sedabuk’s philosophy of integrity in service delivery.”
Other factors that earned the company the award, she said, include its reputation for honouring contracts, absence of contract-related court cases, strict adherence to safety standards, and voluntary compliance with regulatory obligations, taxes, and statutory dues without coercion.
“With these attributes and more, Sedabuk Oil and Gas has become a beacon of hope—a new breed of Nigerian company that is trustworthy, valuable, and safe to do business with,” Chukwuma said, as she inducted the firm into the Hall of Fame of the 100 Businesses Safe to Do Business With in Africa 2025.
MD, Engr.Adunola Oseni and staff of Sedabuk Oil and Gas Industry Limited during the presentation of a Certificate of Award by The Emerging Elites Magazine International, honouring the company’s adherence to safety standards and best business practices.
Responding, the Managing Director, Engr. Adunola Oseni described the recognition as “a validation of our core values and a strong motivation to do more,” adding that the award belonged to the entire workforce of the company.
“We will continue to uphold integrity, safety, and transparency in all our operations, remain committed to staff welfare and regulatory compliance, and set standards that others in the industry can emulate,” the Sedabuk boss said.
Sedabuk Oil and Gas Industry on Tuesday reinforced its reputation as a people-centred organisation as it rewarded outstanding employees with cash prizes totalling over ₦10 million at its 2025 Employee Recognition and Awards ceremony held in Lagos.
The event, which attracted over 300 staff members alongside top management officials from across the company’s divisions and subsidiaries, was organised to celebrate excellence, dedication, and loyalty within the Sedabuk workforce.
Speaking at the ceremony, the Managing Director, Engr. Adunola Oseni, described the occasion as one of the proudest moments in the company’s journey, noting that Sedabuk’s steady growth has been deliberately anchored on staff welfare and well-being. She said the company, from inception, made a firm commitment to put its people first, stressing that no organisation can truly thrive if its workforce is neglected.
Oseni disclosed that Sedabuk has never owed or delayed salaries since it commenced operations, describing prompt payment as a mark of respect and responsibility. She added that the company reviewed and increased salaries twice in 2025, improved wages across the board, and sustained its seven-year-old One-Day-Meal Programme to ensure employees do not work hungry.
The managing director announced cash awards spanning retail operations, station-based roles, marts, laundromats, and group-wide excellence categories, explaining that the initiative was not just about financial rewards but about recognising hard work and reinforcing a culture of appreciation. According to her, a loyal and motivated workforce remains the company’s most valuable asset.
She assured staff that management is entering 2026 with stronger welfare policies, better incentives, and more opportunities, with the aim of positioning Sedabuk as one of the best organisations to work in Nigeria. Oseni further urged employees to raise the bar in the coming year by working harder, smarter, and together.
Several employees emerged winners across key categories, including Pump Attendant of the Year, Station Captain of the Year, Mart and Laundromat Excellence Awards, and Special Recognition honours.
The highlight of the ceremony was the Group Chairman’s Spirit of Excellence Award, where Adediran Segun Aderonke emerged Sedabuk Star of the Year with a ₦2 million prize, while Ibiloye Olayinka won the Most Outstanding Employee of the Year award with ₦1 million.
In his remarks, the Group Head, Human Resources and Administration, Mr. Adeleye Olusanjo, lauded the managing director for her consistent leadership and unwavering commitment to staff welfare, assuring employees that more incentives and improved support structures are already being planned for 2026.
The event was attended by senior executives, including the General Manager, Finance and Strategy, Mr. Aderoju Sola; the Group Head, Operations and Logistics, Mr. Rufus Enioshunwa; and the Group Head, Corporate Audit, Risks and Ethics, Mrs. Tolulope Omotola, among others.
Established in 2018, Sedabuk Oil & Gas Industry Ltd operates over 12 petrol stations across Lagos, Ogun, and Oyo states.
The Securities and Exchange Commission (SEC) has raised a red flag over two cryptocurrency products — Zugacoin and Samzuga GPT — warning the Nigerian public to steer clear of them.
In a strongly worded statement issued on Wednesday, the apex capital market regulator described the digital assets as unauthorised crypto schemes with no legal backing or regulatory approval in Nigeria.
According to the Commission, neither the promoters nor issuers of Zugacoin and Samzuga GPT are registered to operate in any capacity within the Nigerian capital market.
“Preliminary investigations revealed that Zugacoin and Samzuga GPT are meme coins,” the SEC said. “Meme coins generally have no use case, intrinsic value, or tangible projects backing them.”
The regulator added that the only perceived value of such coins often stems from aggressive promotion by their creators or community hype, making them prime candidates for “pump-and-dump” fraud — a deceptive scheme where promoters artificially inflate the price of a coin through misleading information before dumping it at peak value, leaving unsuspecting investors with massive losses.
“Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” the SEC warned.
The Commission urged members of the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or any similar crypto assets, noting that anyone who chooses to invest in such schemes does so entirely at their own risk.
To further safeguard investors, the SEC advised the public to always verify the legitimacy of any virtual, crypto, or digital assets and their promoters through its official platforms:
https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
www.sec.gov.ng/cmos
This warning is the latest in the SEC’s ongoing crackdown on fraudulent digital asset operations targeting unsuspecting Nigerians amid a rise in crypto-related scams.
-
Politics3 days agoIbarapa East Assembly Hopeful, Ramon Congratulates Ajiboye, Says Emergence Good for Oyo APC
-
Politics1 week agoMakinde: My Successor Must Be Loyal to Oyo, Not Me
-
Politics3 days ago2027: Former Oyo Deputy Governor Adeyemo Emerges APC Chairman (See Full List)
-
News2 days agoNERC orders DisCos to refund ₦20.33bn meter costs to customers