General News
Obabori, Red Star CEO Harps on Manufacturing Sector Development

Mr. Sola Obabori, chief executive officer of Red Star Plc., has reiterated the need to encourage the manufacturing industry to drive the country’s economic reforms, in order to make Nigeria competitive in export against the rest of the world, so as to achieve a sustainable growth in the economy.
He stated this at the 2nd International Business Development Summit held in Lagos on the theme ‘Towards alternative strategies for sustainable economic growth in Africa’ organized by the Institute of Business Development (IBD) to address under-development of SMEs compared to other developing countries and contribute to the deliberations on sustainable economic growth with a focus on significant cross-sectorial issues such as sustainable agro business, SMEs, energy transformation, manufacturing, solid minerals, aviation and ICT.
In his paper titled ‘Promoting manufacturing to accelerate economic growth and reduce volatility in Africa’, Obabori said that, although there is significant increase in manufactured exports and import-substituting production over the past decade, Africa produces only 1.5% of the world’s manufacturing output. While insisting that ‘Made in China’ products must be replaced by ‘Made in Africa’ products, he noted that the rise of production costs in China has resulted in the Asian giant investing into Africa, stating that Beijing has been instrumental in initialising SEZs in countries such as Algeria, Botswana, Egypt, Ethiopia, Nigeria, Mauritius and Zambia as a strategy to cope with increasing costs.
“For example in Nigeria, the major driving force behind the country’s economic growth should be the manufacturing sector and not the over reliance on the Oil sector. The diversity of the sector should make it contribute more to the GDP if we can address the problems of power supply and other salient challenges. FMCG such as food, beverages and tobacco sub-sectors contribute 50% of total factory output in the country. Made in Nigeria cars are being produced from at least two local manufacturers while the pharmaceutical industry has at least four companies certified by WHO to produce medicines for malaria, HIV/AIDS and tuberculosis for the international market” he stated.
He said the manufacturing capacity utilisation has been below 60% over the past five years compared to +80% readings in countries like Ghana and South Africa because the cost of production, packaging options and quality of products are some of the challenges facing Nigerian factories. This has made Industrialisation low outside of the oil and gas sector due to a lack in competitiveness of manufactured goods compared to imported items.
Obabori said that Nigeria, and Africa as a whole, will continue to lag behind if governments at all level do not make conscious efforts to strengthen institutions that can spur the manufacturing sector to better productivity, encourage citizens to patronize what has been manufactured in such countries and at the same time produce enough with high quality for export.
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General News
MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.

MultiChoice
The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.
MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”
Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.
According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”
The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.
General News
Nigeria Police suspends tinted glass permit enforcement over court injunction

Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Tinted glass permit
The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.
An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.
Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.
The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.
IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.
General News
NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.
According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.
The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.
Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.
He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.
Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.
In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.
Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.
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