Business
Dangote: ECCIMA blames continuous Naira depreciation to low local production
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has blamed the continuous depreciation of the Naira to low local production capacity of the country.
The chamber made the disclosure in a statement issued by its President, Mr Odeiga Jideonwo and made available to newsmen in Enugu on Monday.
According to Jideonwo, the chamber has been watching closely and monitoring events surrounding the Nigeria’s economy in recent times.
“The high level of importation of finished goods remains the major reason for the continuous decline of Naira especially when we continue to import products that can be sourced or produced locally.
“Our recent study of China reveals that the economic growth being experienced in China presently is a function of a strict policy of the Government to support locally based or indigenous companies to produce for 100 per cent local consumption as well as for export.
“With their local consumption demand being satisfied by goods produced locally, they have settled, to a large extent, the major economic issues of exchange rate.
“Interestingly, stepping it up to manufacturing of various products for export, helps China build its foreign reserves which as at September, 2024 were $3.3 billion.
This is more than twice the size of Japan’s reserves. This feat by China remains the result of the decisive policies of the government and the good people of China.
“The Dangote Petroleum Refinery is currently one of Nigeria’s gift that needs to be encouraged at this time when the economy of Nigeria is declining.
“Since Oil is currently the major source of foreign earnings for Nigeria, players in the industry that have shown capacity in moving the country from net exporter of crude oil to also exporter of refined petroleum products, should be encouraged by the government and indeed all stakeholders.
The ECCIMA president said that Dangote Petroleum Refinery remained a timely private sector initiative whose impact on the economy would not be underrated.
“ECCIMA believes that the byproducts of this refinery, which has the capacity to refine 650,000 barrels per day and has increased production from 25 million litres to 30 million litres in October, 2024, will be ancillary to other indigenous companies and this will indeed foster economic growth.
“It is obvious that the growth of Dangote Petroleum Refinery is necessary, as it remains the core, for the needed diversification of our economy.
“Every other sector will definitely need the byproducts of this refinery. Nigeria foreign earnings will also grow if Dangote Refined Petroleum products is exposed and accepted in the international market.
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“With these therefore, ECCIMA calls on the Government and all stakeholders to rally round and support the Dangote Petroleum Refinery as well as other local manufacturers and industries for the growth of national economy.
Business
Pumpkin Property Introduces Nigeria’s First Starlink-Powered Housing Initiative
Pumpkin Property, a fast-growing real estate development firm committed to creating modern, affordable, and sustainable housing solutions across Nigeria, has announced a groundbreaking initiative that integrates high-speed satellite internet into its housing projects, redefining modern living standards in the country.
Under this initiative, homebuyers in selected Pumpkin Property estates will receive Starlink hardware, professional installation, and three months of complimentary high-speed internet subscription upon purchasing a home.
The initiative will initially be available in Prime Living Estate and Prime View Estate located within Millennium City, Kaduna, as well as Pumpkin Homes located in Karsana, Abuja.
Pumpkin Property focuses on developing well-planned residential communities supported by essential infrastructure—including road networks, drainage systems, street lighting, and modern utilities—while embracing innovative technology that enhances residents’ quality of life.
To support the rollout of this initiative, Pumpkin Property has entered into a collaboration agreement with Konga Online Nigeria Limited for the supply, installation, and technical support of Starlink hardware and related connectivity products across Pumpkin housing projects and real estate developments in Nigeria.
In addition, Pumpkin Property has partnered with TD Africa, an authorized distributor of Starlink solutions in Africa. Through this partnership, Pumpkin Property will have direct access to the latest Starlink hardware, including Starlink kits and accessories, ensuring reliable deployment within its estates.
Starlink, the satellite internet constellation developed by SpaceX, delivers high-speed broadband connectivity through a network of low-Earth orbit satellites. The technology expands access to reliable internet in regions where traditional fibre or terrestrial infrastructure remains limited. As Elon Musk explained:
“Starlink is designed to provide high-speed, low-latency broadband internet to places where access has been unreliable, expensive, or completely unavailable.”
Speaking on the initiative, the CEO of Pumpkin Holdings Limited, Mr Oladeji Bamidele, emphasized the growing importance of digital infrastructure in modern housing developments.
“Connectivity has become as essential as electricity and water in modern communities. By integrating Starlink technology into our housing developments, we are ensuring that our homeowners enjoy reliable high-speed internet from the moment they move in. This initiative reflects our commitment to building future-ready communities across Nigeria.”
By integrating satellite connectivity into its housing projects, Pumpkin Property is positioning itself at the forefront of technology-enabled real estate development in Nigeria, setting a new benchmark for smart living communities.
Prospective homeowners and investors interested in the Starlink-powered homes at Prime Living Estate and Prime View Estate in Millennium City, Kaduna, and Pumpkin Homes in Karsana, Abuja, are encouraged to contact Pumpkin Property for further information on availability and purchase options.
Business
Safety First: Transcorp Hilton Abuja Stages Fire Drill
Transcorp Hilton Abuja has conducted its first-quarter unannounced fire drill simulation as part of efforts to strengthen safety measures and emergency preparedness within the facility.
The exercise, which took place on 19th February 2026, was carried out in collaboration with the Federal Fire Service. The simulation forms part of the hotel’s structured safety programme aimed at ensuring a high level of emergency readiness and effective coordination with relevant authorities.
Management of the hotel said the initiative underscores its unwavering commitment to the safety and well-being of guests and team members.
“We successfully carried out our Q1 unannounced fire drill simulation with the support of the Nigeria Fire Service. This exercise forms part of our structured safety programme, designed to ensure a high level of emergency preparedness and effective coordination with relevant authorities,” the management stated.
The drill comes shortly after the hotel hosted its Valentine’s Day weekend promotion across its rooms and restaurants. The celebration, characterised by romance, entertainment and vibrant experiences, was warmly received by guests.
As preparations begin for the Holy Month of Ramadan, the management reassured guests of a safe, serene and memorable stay.
“We appreciate the understanding of our guests and apologise for any inconvenience the exercise may have caused,” the management added.
Business
NIA trains underwriters on NIIRA 2025, container insurance
The Nigerian Insurers Association (NIA) has commenced a two-day training workshop for underwriters on the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to a statement from NIA, the training is focused on Sections 75 and 76, as well as the Compulsory Container Insurance scheme.
The workshop, which began on Thursday, is scheduled to end on Friday.
The News Agency of Nigeria (NAN) reports that no fewer than 40 underwriters involved in container insurance, were participating in the training held at the Insurers House, Victoria Island, Lagos.
At the opening of the workshop, Director-General of the NIA, Mrs Bola Odukale, said that insurance remained a critical pillar of national development and economic stability.
Odukale noted that a well-regulated and legally backed insurance industry, was essential for economic growth, investor confidence and the protection of the public.
She urged participants to engage actively in the sessions, adding that the training would strengthen professional capacity and improve effective implementation of compulsory insurance provisions for the overall benefit of the economy.
NAN reports that facilitators at the workshop include: Mrs Margaret Ogbonnah, Director at the Nigerian Shippers’ Council; Mr Soji Oni, Controller 1, Technical, NIA, Mr Owolabi Longe, Chief Executive Officer of Ironlink Communications, among others.
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