Elder statesman and chieftain of the pan-Yoruba socio-cultural organisation, Afenifere, Pa Ayodele Adebanjo, has died at the age of 96.
PUNCH Online gathered that Adebanjo died on Friday morning at his residence in Lekki, Lagos State.
The family confirmed his death in a statement made available to our correspondent on Friday.
The statement was jointly signed by his children, namely, Mrs. Ayotunde Atteh (nee Ayo-Adebanjo), Mrs. Adeola Azeez (nee Ayo-Adebanjo), and Mr. Obafemi Ayo-Adebanjo.
“With a heart full of gratitude for a selfless life spent in the service of God, the nation and humanity, we announce the passing on of our beloved patriarch, Chief Samuel Ayodele Adebanjo.
“He died peacefully this morning, Friday, February 14, 2025, at his Lekki, Lagos, Nigeria home at the age of 96,” the statement reads.
“His belief and struggle for a truly independent and progressive Nigeria was total, and this he fought for until he breathed his last breath.”
The family also disclosed that consultations are ongoing with Adebanjo’s friends, associates, and various interest groups across the country and beyond to finalise plans for a befitting funeral.
According to the statement, details of the funeral arrangements will be announced in due course, adding that a condolence register has been opened at his residence in Lagos and his country home in Isanya Ogbo, near Ijebu Ode, Ogun State.
The former organising secretary of the Action Group is survived by his 94-year-old wife, Chief Christy Ayo-Adebanjo, along with children, grandchildren, and great-grandchildren.
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Adron Homes Celebrates 13 Years of Transforming Nigeria’s Real Estate Landscape
Adron Homes and Properties, Nigeria’s leading real estate development company, proudly marks its 13th anniversary today, celebrating over a decade of groundbreaking achievements in the real estate sector. Since its inception, Adron Homes has remained committed to providing affordable and luxurious housing solutions, making homeownership accessible to Nigerians across all socioeconomic classes.
With a vision to bridge the housing deficit in Nigeria and beyond, Adron Homes has consistently set new industry benchmarks. The company has developed and delivered thousands of quality homes in strategic locations nationwide, including Lagos, Ogun, Oyo, Abuja, and Nasarawa, expanding the frontiers of modern real estate development.
Speaking on the milestone, Adron Homes’ Chairman/CEO, Aare Adetola EmmanuelKing, expressed gratitude to clients, stakeholders, and staff for their unwavering support. “This 13-year journey has been one of resilience, innovation, and an unrelenting commitment to excellence. We are proud of our achievements and even more excited about the future as we continue to revolutionize the real estate industry with world-class housing projects.”
Adron Homes’ success is anchored on its unique flexible payment plans, ensuring that individuals and families can own properties without financial strain. The company has also pioneered infrastructure development in its estates, providing residents with top-notch amenities, security, and sustainable environments in the last thirteen years.
As part of its anniversary celebration, Adron Homes has lined up various customer appreciation initiatives, including exclusive discounts, giveaways, and a series of corporate social responsibility (CSR) projects to give back to the community.
Looking ahead, Adron Homes remains steadfast in its mission to redefine the real estate landscape through strategic expansions, innovative housing solutions, and unwavering dedication to customer satisfaction.
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Naira appreciates by N63 against Dollar in January to seven-month high
Nigeria’s exchange rate appreciated significantly in January 2025, gaining N63.72 against the dollar to close at N1,474.78 per dollar on January 31 at the Nigerian Foreign Exchange Market.
According to data from the FMDQ Securities Exchange Limited and the Central Bank of Nigeria, this increase of 4.14 per cent pushes the local currency to the highest level it has reached in seven months, with the last time the currency traded at a similar rate being June 11, 2024, when it stood at N1,473.88/$ in the official market.
The sharp increase has been attributed to policies implemented by the CBN, which have influenced market dynamics and contributed to the currency’s strengthening.
Authorised currency dealers quoted the dollar as high as N1,495.01/$ and as low as N1,447.50/$ at the NFEM.
The naira opened the year at N1,538.50/$ on January 2, 2025, and steadily gained value throughout the month.
By January 3, it had dipped slightly to N1,535.00 before fluctuating within a range that saw it hit N1,560/$ on January 16, marking its highest point for the month.
However, the currency embarked on a more sustained appreciation from the third week of January, closing at N1,531/$ on January 24 and further strengthening to N1,520/$ on January 28.
It continued its climb, settling at N1,506/$ on January 29 and N1,493/$ on January 30 before reaching N1,474.78/$ on the last trading day of the month of January.
The naira also appreciated against the US dollar in the parallel market on Friday, closing at N1,610/$, compared to N1,630/$ recorded on Thursday, representing a N20 increase within a day.
This latest movement reflects the impact of recent monetary and foreign exchange measures introduced by the CBN to stabilise the currency and improve market confidence.
The introduction of the Electronic Foreign Exchange Matching System in December 2024 has played a significant role in this development.
The platform, which operates through Bloomberg’s BMatch system, allows authorised dealers to place anonymous orders into a central limit order book, ensuring transparency and efficient price discovery in the foreign exchange market.
This system has helped reduce market distortions and provided the CBN with enhanced oversight capabilities, making it easier to manage fluctuations in the exchange rate.
Another crucial factor influencing the naira’s recent appreciation is the introduction of the Nigeria Foreign Exchange Code, launched on January 28, 2025.
“The FX Code marks a new era of compliance and accountability. It is not just a set of recommendations; this is an enforceable framework. Under CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions,” CBN Governor Olayemi Cardoso said during the launch of the FX Code.
The FX Code establishes principles for ethical conduct, governance, execution, information sharing, risk management, and settlement processes among market participants.
By aligning Nigeria’s foreign exchange operations with global best practices, the initiative has strengthened investor confidence and contributed to the recent improvements in the currency’s performance.
At the end of 2024, the naira stood at N1,535.00 per dollar on December 31, reflecting the challenges that had persisted in the forex market.
However, the policy interventions introduced by the apex bank in early 2025 have helped stabilise the market, allowing the currency to make significant gains over the past month.
The improved transparency in the foreign exchange system has reduced speculative activities, ensuring that exchange rates better reflect actual market conditions.
However, while the local currency is improving, Nigeria’s foreign exchange reserves experienced a significant decline in January 2025, dropping by $1.11bn over the course of the month.
According to data from the CBN, the country’s reserves stood at $40.88bn on January 2, but by January 30, they had fallen to $39.77bn.
This represents a 2.72 per cent decrease within the one month.
The decline in reserves follows ongoing interventions by the CBN in the foreign exchange market, as well as external debt servicing obligations and capital outflows.
While the naira appreciated significantly within the same month, the reduction in reserves seems to suggest that the CBN may have deployed part of its FX stockpile to stabilise the local currency and manage liquidity in the official market.
At the start of January, reserves remained above the $40bn mark, recording $40.88bn on January 2 and fluctuating within that range for the first half of the month.
By January 10, reserves stood at $40.75bn, and they peaked at $40.96bn on January 6 before beginning a gradual decline.
By mid-month, reserves had dropped to $40.42bn on January 15, further sliding to $40.05bn by January 22.
The steepest declines occurred in the last week of January when reserves fell below $40bn for the first time in months, hitting $39.99bn on January 23 and $39.77bn by January 30.
With the FX reserves at a three-month low, the consistent drawdown indicates heightened FX demand and possible interventions by the monetary authorities to maintain exchange rate stability.
The current decline is similar to the significant drop recorded in April 2024, when reserves plunged by $2.16bn within 29 days.
Nigerian Singer Tems wins Best African Music Performance at 2025 Grammy Awards
Nigerian singer Temilade Openiyi, popularly known as Tems, has won the Best African Music Performance category at the 67th Grammy Awards.
She secured the award with her song Love Me JeJe, beating Tomorrow by Yemi Alade, MMS by Asake featuring Wizkid, Sensational by Chris Brown featuring Davido and Lojay, and Higher by Burna Boy.
This marks Tems’ second Grammy win.
South Africa’s Tyla won the award for her hit Water in 2024 in the category’s first edition.
Tems received three nominations at this year’s Grammys, bringing her career total to eight. She was also nominated for Best Global Music Album (Born in the Wild) and Best R&B Song (Burning).
Beyoncé, Sabrina Carpenter, Charli xcx, Kendrick Lamar and many more are also winners in this edition of Grammy.
Beyoncé won best country album for “Cowboy Carter.” She entered Sunday’s Grammys with a leading 11 nominations, bringing her career total to 99 nods. That makes her the most nominated artist in Grammy history.
Carpenter won the day’s first award, best pop solo performance for “Espresso.” Kendrick Lamar has won several awards thanks to his diss track “Not Like Us.” The Beatles won best rock performance for their artificial intelligence-assisted track, “Now and Then.”
During the main telecast, Doechii won her first Grammy, becoming the third woman to ever win Best Rap Album.
Comedian Trevor Noah is the telecast host for a fifth consecutive year. Justin Trantor hosted the afternoon Premiere Ceremony.
Here’s a partial list of winners:
Best Pop Vocal Album
“Short n’ Sweet,” Sabrina Carpenter
Best Pop Solo Performance
“Espresso,” Sabrina Carpenter
Best Dance/Electronic Recording
“Neverender,” Justice and Tame Impala
Best Pop Dance Recording
“Von dutch,” Charli xcx
Best Rap Album
“Alligator Bites Never Heal,” Doechii
Best Rap Song
“Not Like Us,” Kendrick Lamar, songwriter (Kendrick Lamar)
Best Rap Performance
“Not Like Us,” Kendrick Lamar
Best Melodic Rap Performance
“3,” Rapsody featuring Erykah Badu
Best R&B Performance
“Made For Me (Live on BET).” Muni Long
Best R&B Album
“11:11 (Deluxe),” Chris Brown
Best Traditional R&B Performance
“That’s You,” Lucky Daye
Best R&B Song
“Saturn,” Rob Bisel, Carter Lang, Solana Rowe, Jared Solomon and Scott Zhang, songwriters (SZA)
“Espresso (Mark Ronson x FNZ Working Late Remix),” FNZ and Mark Ronson, remixers (Sabrina Carpenter)
Best Americana Performance
“American Dreaming,” Sierra Ferrell
Best American Roots Song
“American Dreaming,’’ Sierra Ferrell and Melody Walker, songwriters
Best Americana Album
“Trail of Flowers,’’ Sierra Ferrell
Best Bluegrass Album
“Live Vol 1.,” Billy Strings
Best Folk Album
“Woodland,” Gillian Welch and David Rawlings
Best Regional Roots Music Album
“Kuini,” Kalani Pe’a
Best Gospel Performance/Song
“One Hallelujah,” Tasha Cobbs Leonard, Erica Campbell and Israel Houghton, featuring Jonathan McReynolds and Jekalyn Carr. G. Morris Coleman, Israel Houghton, Kenneth Leonard Jr., Tasha Cobbs Leonard and Naomi Raine, songwriters.
Best Contemporary Christian Music Performance/Song
“That’s My King,” CeCe Winans, Taylor Agan, Kellie Gamble, Lloyd Nicks and Jess Russ, songwriters
Best Gospel Album
“More Than This,’’ CeCe Winans
Best Contemporary Christian Music Artist
“Heart of a Human,’’ DOE
Best Roots Gospel Album
“Church,’’ Cory Henry
Best Country Album
“Cowboy Carter,” Beyoncé
Best Country Solo Performance
“It Takes A Woman,” Chris Stapleton
Best Country Duo/Group Performance
II MOST WANTED,’’ Beyoncé, featuring Miley Cyrus
Best Country Song
“The Architect,’’ Shane McAnally, Kacey Musgraves and Josh Osborne, songwriters (Kacey Musgraves
Best Music Video
“American Symphony”
Best American Roots Performance
“Lighthouse,” Sierra Ferrell
Best Traditional Blues Album
“Swingin’ Live at The Church in Tulsa,” The Taj Mahal Sextet
Best Contemporary Blues Album
“Mileage,” Ruthie Foster
Best Música Urbana Album
“Las Letras Ya No Importan,” Residente
Best Latin Rock or Alternative Album
“¿Quien Trae las Cornetas?, ”Rawayana
Best Música Mexicana Album (including Tejano)
“Boca Chueca, Vol. 1,” Carin León
Best Tropical Latin Album
“Alma, Corazon y Salsa (Live at Gran Teatro Nacional),” Tony Succar, Mimy Succar
Best Reggae Album
“Bob Marley: One Love – Music Inspired By The Film (Deluxe),” Various Artists
Best Global Music Performance
“Bemba Colora,” Sheila E. featuring Gloria Estefan and Mimy Succar
NCDMB ES, SPDC Officials Visit Brightwaters Energy, Laud firm’s Capabilities for Industry Projects
Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe leading top oil & gas stakeholders on a facility visit to Brightwaters Energy in Port Harcourt on the 29th of January, 2025.
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, in company with senior officials of Shell Petroleum Development Company (SPDC) on Tuesday undertook a tour of facilities at Brightwaters Energy Limited, Port Harcourt, Rivers State.
The tour to the company’s facilities at Choba, Port Harcourt, and Emohua in Emohua Local Government Area of Rivers State was a follow up to the NCDMB’s boss earlier visit to the company and some pipe coating facilities in May 2024. At that visit he pledged the Board’s support for local service companies, giving them opportunities in the oil and gas industry and creating jobs in the economy.
The latest visit was to assess Brightwaters Energy’s upgrade of its technical capabilities, which would position them for upcoming industry projects.
Speaking ahead at the visit, Engr. Ogbe conveyed the Board’s determination to ensure that capabilities of local oil and gas service companies are known and adequately utilised by operating companies in the industry to boost local content and provide employment, in line with the economic aspirations of President Bola Ahmed Tinubu’s administration.
He recalled that Brightwaters had performed well in the execution of projects in the exploration and production segment of the industry over the years with a clientele that included SPDC and Chevron Nigeria Limited, among other major oil and gas operators. He was convinced that the company has the capacity required for key scopes in upcoming industry projects.
He charged operating oil and gas companies to always support qualified service companies, while ensuring that the best quality service is delivered at all times and on schedule.
In opening remarks at the event, the Community and Corporate Affairs Manager of Brightwaters, Mr. Solomon Aluge, confirmed that the firm had been engaging the team from SPDC and was equipped to carry out heavy or light fabrication works. He indicated that Brightwaters has carried out many onshore and offshore pipeline engineering and installation works for various clients.
Elaborating on the scope of operations of his company in the oil and gas sector, he pointed out that Brightwaters is “mobilizing for Chevron and Tulcan pipeline works” at the moment.
Earlier in welcome remarks, the Chief Executive Officer of Brightwaters, Mr. Scott Gregory, expressed happiness at the presence of the Executive Secretary, Engr. Ogbe, and the representatives of SPDC at the meeting, assuring all that the company has enormous capabilities for services in the oil and gas industry.
He provided technical details of a number of projects executed by the company offshore and onshore in its many years of operation in Nigeria, noting that some of the upcoming field projects were well within the company’s competencies.
Among key facilities visited in the tour were a blast furnace, where the process of smelting was demonstrated with hot compressed air being blasted into a furnace from below, and a multipurpose offshore construction vessel known as Sea Horizon Derrick Lay Barge, with a heavy-lift capacity of 1,320 tons.
Marine construction activities performed by the vessel, according to the company, include “installation of rigid and flexible pipelines, risers and umbilicals [flexible hoses that connect surface equipment to subsea equipment].”
In his comments after the facility tour, the General Manager Local Content Shell, Mr. Lanre Olawuyi conveyed the company’s good impressions with the facilities and capabilities of Brightwaters Energy. He affirmed that the technical teams would review their reports and take decisions how to engage the company in some of their upcoming projects. He expressed delight that the company had upgraded its facilities since the last visit in May 2024, and expressed hope that facility would attract more patronage from the oil industry so it would bounce back to its former glory.
On the entourage of the Executive Secretary were the Director, Project Certification and Authorisation Division (PCAD), Engr. Abayomi Bamidele, Deputy Manager, Corporate Communications and Zonal Coordination, Dr. Obinna Ezeobi, a technical staff in the Executive Secretary’s office, Mr. Ilu Ozekhome.
The association lauded the bank for setting a high standard in employee welfare and fostering productivity in the Nigerian financial sector.
Speaking on behalf of NASRE, the association’s President, Comrade Femi Oyewale, described Zenith Bank’s actions as a reflection of its commitment to its workforce and an exemplary display of corporate responsibility.
“Zenith Bank’s initiative to prioritize its employees’ welfare is a testament to its understanding of the critical role staff motivation plays in ensuring excellent service delivery,” Oyewale stated.
He further praised the bank for its broader business strategies, including its focus on innovation, sustainability, and corporate governance.
“Zenith Bank has consistently demonstrated that financial institutions can achieve exceptional growth while prioritizing their employees’ well-being and addressing sustainability challenges. This move will undoubtedly inspire other institutions to emulate their approach,” he added.
Under the leadership of Managing Director/CEO Dame Adaora Umeoji, Zenith Bank has also received several awards recognizing its exceptional performance and leadership in the financial sector. These include “Best Bank in Nigeria 2024” by Global Finance, “Biggest Bank in Nigeria by Tier-1 Capital 2024” by The Banker, and accolades for its commitment to corporate governance and sustainability.
Comrade Oyewale also highlighted the bank’s ongoing contributions to economic inclusion, SME development, and technological advancement, noting how these efforts positively impact communities and stakeholders alike.
“Zenith Bank’s integration of environmental, social, and governance principles into its operations has positioned it as a beacon of progress in the African banking landscape,” he remarked.
NASRE encouraged other corporate organizations to adopt similar employee-centered initiatives and commended Zenith Bank for setting a benchmark in corporate excellence.
Zenith Bank’s efforts, which include investments in renewable energy, sports, digital transformation, and impactful community initiatives, continue to strengthen its reputation as a leading financial institution in Africa.
Design Week Lagos Joins Forces with Ecobank and Ministry of Arts, Culture, Tourism and Creative Economy to Launch “2025 Design and Innovation Exhibition”
Design Week Lagos is partnering with Ecobank Nigeria and the Ministry of Arts, Culture, Tourism, and Creative Economy to present Nigeria’s inaugural Design and Innovation Exhibition 2025.
Hannatu Musa Musawa, Minister of Art, Culture, Tourism, and the Creative Economy, stated: “This exhibition offers a distinctive avenue for our nation’s economic advancement. By harnessing the synergy between Nigerian creativity and the manufacturing sector, we can modernize and innovate our products, promote the production of Nigerian creativity and furniture, and strengthen our economic connections.”
Titi Ogufere, Founder of Design Week Lagos and the Design, Innovation, and Inventors Hub of Nigeria, shared her vision for the event: “The Design and Innovation Exhibition 2025 is more than a celebration of design; it represents a bold step toward positioning Nigeria at the forefront of the Fourth Industrial Revolution. By fostering collaborations between designers and manufacturers, we aim to develop innovative products that not only serve local markets but also establish Nigeria as a global leader in design and manufacturing exports. This initiative underscores our commitment to building a sustainable industrial ecosystem that celebrates local talent and drives economic growth across Africa.”
” At a pivotal moment in Nigeria’s creative economy, the Design and Innovation Exhibition 2025 will showcase the finest in furniture, product, and industrial design. This year’s exhibition will focus on the theme ‘Building a Made-in-Nigeria Brand, ’celebrating the creativity, innovation, and craftsmanship of Nigerian designers and manufacturers while emphasizing industrialization and export potential,” Ogufere said.
Omoboye Odu, Head of SME, Partnerships, and Collaboration at Ecobank, said partnering for the exhibition is yet another demonstration of Ecobank’s commitment to driving innovation, collaboration, and capacity building, which is the backbone of the nation’s economy.
“Ecobank is the solution for African banking, and we are committed to giving our customers the platform to network, collaborate, and partner to promote innovation and creativity. We are proud to be part of the process to spotlight homegrown innovations and sustainable practices across various sectors.” Odu said.
The event will feature the Manufacturer and Designer’s Pavilion, spotlighting collaborations between manufacturers and designers, as well as the Designer’s Pavilion, where 50 individual designers will present new concepts across a variety of design disciplines, including furniture, toys, automotive, and industrial design, reflecting the diversity of Nigeria’s creative landscape.
Interactive spaces will also be a key part of the exhibition, including:
The Maker’s Room, where visitors can witness the design process in action.
The Material Lab, showcasing sustainable material innovations.
The Umbrella Crate Stall, offering a fresh perspective on informal markets.
The Design Den, an exciting platform for designers to pitch ideas to investors, promoting collaboration and industry growth.
A standout feature of the event will be the Titi Lai Lai Showcase, a curated concept store that will present exclusive pieces from renowned Nigerian designers and artists such as Victor Ekpuk, Banke Kuku, Mama Nike, and the Nike Art Gallery. This collaboration will highlight the fusion of art and design, celebrating the use of local materials and the rich cultural heritage of Nigeria.
Last year’s exhibition by Design Week Lagos, garnered significant attention with groundbreaking collaborations, including AFP by Julius Berger teaming up with Temitope El Shabazz, Woodstyles collaborating with Tosin Oshinowo, TRT Aredo working with Myles Igwebuike, and IO Furniture partnering with Q. These partnerships produced innovative, Made-in-Nigeria designs that pushed the boundaries of local craftsmanship.
Building on that success, the Design and Innovation Exhibition 2025 will expand even further, with 25 new collaborations between designers and manufacturers presenting cutting-edge, original works. This year’s exhibition continues to showcase the seamless blend of creative vision and technical expertise, setting a new standard for design excellence in Nigeria.
ZENITH BANK SECURES REGULATORY APPROVAL FOR N350B RIGHTS ISSUE AND PUBLIC OFFER PROCEEDS
Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer.
In a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, the Bank announced that it has secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of its recently concluded Hybrid Offer, comprising of a Rights Issue of 5,232,748,964 Ordinary Shares of 50k each at N36.00 per share and Public Offer of 2,767,251,036 Ordinary Shares of 50k each at N36.50 per share.
The Public Offer was 160.47% subscribed, with a total of 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise. The Rights Issue was also 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.
Lauding the development, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said: “The success of our combined Rights Issue and Public Offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand. This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability. We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise. This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.”
Proceeds from the Hybrid Offer will be strategically deployed to solidify the Bank’s position as the leading financial institution in Nigeria. Additionally, the funds will support the Bank’s expansion into other markets in Africa and Europe, investment in technology and other Group-wide growth initiatives.
The Offer, which opened on August 1, 2024 and closed on September 23, 2024 and sought to raise N290 billion through a combination of a Rights Issue and Offer for Subscription, was successfully executed largely as a digital Offer, embracing the power of technology to improve access to the equity capital market as it seamlessly leveraged the Nigerian Exchange Limited’s e-Offer platform.
The results of the Hybrid Offer, which garnered substantial interest from domestic and international investors, has positioned the Bank as one of the few banks in Nigeria to meet and even surpass the CBN’s N500 billion minimum capital requirements for Banks with International Authorization well ahead of the March 2026 regulatory deadline. The Bank’s share capital will now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement.
