House of Representatives Ad-Hoc Committee investigating the $460 million Closed Circuit Television (CCTV) surveillance project in the Federal Capital Territory has directed the Central Bank of Nigeria (CBN) to suspend further disbursements to ZTE Corporation pending clarification on the execution of the contract.

The resolution was reached on Tuesday following lawmakers’ concerns over inconsistencies, vague responses, and lack of transparency from ZTE officials regarding the project’s scope, deployment locations, and current operational status.

The committee also mandated the company to reappear with comprehensive and verifiable documentation, including a full inventory of all equipment supplied and installed, precise locations of infrastructure nationwide, and details of 456 Nigerians reportedly trained to operate and maintain the system.

The decision followed a motion moved by Ali Shettima representing Bursari/Geidam/Yunusari Federal Constituency and seconded by Kolawale Akinlayo during an investigative hearing at the National Assembly.

Donald Ojogo, chairman of the committee, said the exercise was not a witch-hunt but a fact-finding mission aimed at addressing public concerns over the project.

This is a constructive engagement, not an attempt to witch-hunt anyone. Nigerians deserve clear answers, and we expect ZTE to respond in line with the documents before us,” he stated.

Irene Momoh, representing the company, said ZTE supplied and installed CCTV infrastructure in Abuja and Lagos, noting that the project was completed between 2011 and 2012.

However, under questioning, he admitted uncertainty about the current functionality of the system.

“To the best of our knowledge, the equipment was delivered and installed within the project timeline, but I cannot confirm its present operational status,” Momoh said.

The response sparked strong reactions from lawmakers, who questioned how a project of such magnitude could lack a sustainable maintenance and continuity framework.

Momoh explained that ZTE had an initial three-month maintenance agreement, which it voluntarily extended to six months before handing over the system. He attributed the project’s decline to the government’s inability to sustain funding post-handover.

“There was no continued funding from the government to maintain and run the system after handover,” he added.

Despite this explanation, lawmakers challenged several of the company’s claims, particularly on the geographical spread of the installations.

Guinness Nigeria PLC has achieved a landmark milestone, surpassing the ₦1 trillion mark in market capitalisation on the Nigerian Exchange (NGX), underscoring strong investor confidence and a sustained track record of value creation.

As of April 10, 2026, the company’s market capitalisation stood at approximately ₦1.01 trillion, with an enterprise value of ₦1.05 trillion. This milestone reflects a significant re-rating of the business by the market, driven by improved fundamentals and a renewed growth trajectory.

This achievement caps a remarkable 18-month period during which the company has delivered substantial improvements in shareholder value. As of April 12, 2026, Guinness Nigeria’s share price closed at ₦462.90, reflecting strong upward momentum and sustained investor confidence in the company’s strategic direction and performance outlook.

The company’s latest audited financial results for the 18-month period, ended 31 December 2025, further underscore this transformation. Guinness Nigeria delivered revenue of ₦730.80 billion, while gross profit rose by 152% to ₦230.48 billion, demonstrating strong margin expansion and improved operational efficiency.

In a significant turnaround, the company recorded a net profit after tax of ₦41.16 billion, recovering from a loss position in the prior period. This return to profitability highlights the success of ongoing transformation efforts and reinforces the company’s commitment to delivering sustainable, long-term value for shareholders.

The reporting period reflects a pivotal phase in the company’s evolution, including its transition to a new financial year-end of 31 December and its first full audited reporting cycle under its current ownership structure, laying a stronger foundation for future growth.

Commenting on the milestone, Prof. Fabian Ajogwu, SAN, Chairman of the Board said: “This is a defining moment for Guinness Nigeria and a strong validation of the strategic direction we are pursuing. Crossing the ₦1 trillion market capitalisation threshold reflects the resilience of our business, the strength of our brands, and the renewed confidence of the investment community in our long-term prospects. We remain committed to disciplined governance, sustainable growth, and long-term value creation for all stakeholders.”

Over the period, the company has driven performance through revenue growth, portfolio optimisation, cost discipline, and expanded route-to-market capabilities. These efforts have been complemented by a sharpened focus on innovation, premiumisation, and consumer-centric strategies, reinforcing its leadership in Nigeria’s beverage alcohol sector.

Guinness Nigeria has also continued to strengthen its balance sheet, embed sustainability into its operations, and uphold strong corporate governance standards, while maintaining its commitment to responsible consumption and positive community impact.

Looking ahead, the company remains focused on accelerating growth through consumer obsession, portfolio expansion, and continued innovation, while maintaining a disciplined approach to capital allocation and shareholder returns.

Nigeria is in the middle of one of the fastest digital infrastructure expansions on the continent. Microsoft, Google, and AWS are committing to African cloud regions. MTN and Airtel are at the forefront of advancing telecom infrastructure.

The Rural Electrification Agency is rewiring the country’s power base. And enterprise AI adoption is accelerating across banking, logistics, and public services.

On 28–30 April 2026, that ecosystem converges at Landmark Centre, Victoria Island, Lagos, as IoT West Africa, Power & Water Nigeria, and Data Centre & Cloud Expo Africa co-locate for their fifth edition.

IoT West Africa holds its place as the longest-running IoT and digital infrastructure event on the continent, and the platform that has tracked, shaped, and accelerated West Africa’s technology story from its earliest chapters.

The three-day platform spans AI, cloud, telecoms, IoT, smart infrastructure, fintech, renewable energy, hyperscale data centres, and power generation. Critical infrastructure sits at the heart of this year’s agenda: from the security and resilience of national power grids, to the fibre networks, subsea cables, and edge computing nodes that underpin Nigeria’s digital economy. This is the event where that conversation happens at the highest level.

It is the only event in West Africa where a hyperscale operator, a rural electrification agency, a 5G network operator, and a sovereign AI policymaker share the same stage, and the same room.

The event announces a strategic partnership with Africa Data Centres Association (ADCA), bringing the continent’s foremost data centre industry body into the programme to shape conversations around investment, connectivity, and cross-border infrastructure development.

Confirmed speakers include Dr. Abba Aliyu, MD/CEO of the Rural Electrification Agency; Dr. Emomotimi John Agama, Director-General of Securities and Exchange Commission Nigeria; and Christopher Ezeafulukwe, MD/CEO of Transcorp Energy; Wole Abu, MD, Equinix; Ina Alogwu, Chief Digital & Information Officer, T2 Mobile; alongside dozens of global industry leaders.

The platform brings together 5,000+ decision-makers including CIOs, CTOs, investors, regulators, and hyperscale operators, with exhibitors including Itel Energy, Vertiv, and Jubaili Bros. An exclusive VIP lounge, a startup pitch session, and a live podcast series complete the programme.

Register: Power & Water Nigeria — pnwnigeria.com/visitor-registration
IoT West Africa — iotwestafrica.com/visitor-registration