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BCI Lauds Women’s Contribution to Society, Identifies Challenges at Monthly Business Luncheon

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By Eric Elezuo

The Business Club, Ikeja, has held its lively monthly business luncheon for the month of March with fanfare and exquisite lectures, praising the contributions of women as well identified challenges they face in business.

The event, which took place at the club’s arena on Hakeem Balogun Street, Alausa, Ikeja, was themed Women in Business: The Challenges, and brought together notable wave making women in entrepreneurship, academics, and other sundry endeavours.

BCI President, Adeleke Odude giving his welcome address

Kick-starting the gathering of achievers and would be achievers, the anchor, Dr  Adesola Falaiye, invited Mr. Olashore Adegboyega for the opening prayer after which the Chief Host and President of Business Club, Ikeja, Mr. Adeleke Odude, gave his welcome address.

In his address, he intimated the audience that the essence of the gathering was to celebrate and appreciate the existence of women, especially those in business, saying women are the reason behind the existence of mankind in general.

MD Vitafoam presenting a plaque of honour to the guest speaker, Mrs Omolara Emilade

He noted that the luncheon was basically to ‘network, meet new clients and customers and eat lunch’.

Presenting her keynote address, the guest speaker, who is the Group Managing Director/CEO, UACN Plc, Mrs. Omolara Elemide, noted that women have made giant strides in men dominated world, and as a result should be celebrated. She reasoned that roles of both genders and biological tendencies should not lead to crisis but compliment each other.

Mrs Fayo Williams receiving her plaque

She identified the challenges of women in business to include gender discrimination, which most times according to her, is carried out unconsciously.

“To be successful, female leaders should remain firm to themselves and calling, no matter the name they are called,” she said.

More challenges, according to her, are balancing business and family life and fear of failure, especially when it depends on livelihood, weak salary among others.

Mrs Toki Mabogunje receiving her plaque of honour

Lending credence to Mrs. Elemide’s assertion, the panel of discussants comprising Deputy President, Lagos Chamber of Commerce and Industry, Mrs. Toki Mabogunje and Managing Consultant, Simply Exponential Consults Ltd., Mrs. Fayo Williams, agreed that women actually face challenges in doing business.

While Mrs. Mabogunje was quick to identify problem of mobility and credit issues as major challenges, she also advised women to always network wherever they find themselves as well as learn to delegate duties and be open to all and sundry.

Dignitaries gather to cut the luncheon cake

Using her personal experience as analogy, Mrs. Williams told the women not to be limited to the choice of vocation, saying that catering, tailoring and head dressing are not rubber stamped vocation for women. She said that waste management is also a veritable vocation for the womenfolks to explore among many other fields.

The speeches were followed by the launch of the club’s badge, and the guest speakers were decorated and presented with plaques for a job well done.

Mrs Margaret Ajaja and Mr Dele Makanjuola

Among other notable personalities present at the event were the Chairman, Vitafoam Nigeria, Mr. Dele Makanjola, Council Members of Business Club, Ikeja, Honorary Secretary of the Club, Mr. Peter Folikwe; the Treasurer, Alhaji Adefule; Chairman, Membership Committee, Mr. Adelaja among others.

In his vote of thanks, Mr. Folikwe, appreciated everyone that turned up for the occasion as well as all the sponsors including Vitafoam, Patorisky Industrial Planners and many more.

Dr Sola Falaiye

The closing prayer was said by Mrs Rachel Ogolo, bringing the event to a glorious end while networking continued.

A cross section of participants

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FirstBank, Subsidiary of FirstHoldCo, Meets ₦500bn Regulatory Capital Requirement

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First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

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Heirs Energies Executes $750m Afreximbank Financing to Drive Long-Term Growth

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Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has executed a USD 750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was concluded at a signing ceremony in Abuja on Saturday 20th December 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous African energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance standards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transformation programme, focused on restoring production, strengthening asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

Oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 produces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been catalytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Dr. George Elombi, President and Chairman of Afreximbank, stated:

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”

The transaction further reinforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy development, energy security, and long-term economic value across Africa.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. The Bank plays a critical role in supporting Africa’s industrialisation, trade expansion, and economic transformation.

Picture: Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

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NNPCL Slashes Fuel Price by N80

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The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.
NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.

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