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Onu Applauds NOTAP-PZ Collaboration
Dr. Ogbonnaya Onu, the Minister of Science and Technology, has applauded the National Office for Technology Acquisition and Promotion (NOTAP) for the effective and result oriented collaboration with PZ Cussons Nigerian PLC, one of the multinational Companies operating in Nigeria.
Dr. Onu made this commendation while commissioning a multimillion naira Chemical Engineering laboratory of Alex-Ekweme Federal University Ndufu Alike, Ikwe (AE-FUNAI), Ebonyi State.
The facility was equipped through collaboration between NOTAP and PZ Cussons plc to upgrade the laboratories of some selected knowledge Institutions across the six geopolitical zones of the country to ensure a rapid development of skilled manpower in the country.
He said Industry must work closely with the University because Universities are the home of research and when there is synergy, researches carried out in the Universities will be such that will solve the problems of the industry.
He added that with this kind of collaboration, commercialization of research finding may not be a problem because Industry will be very ready, very willing and very committed to ensuring that such research results are commercialized and made available in the market as products.
According to him, Nigeria cannot become a truly great nation if we depend on other nations to meet our demands. He cited Japan, China, India and other countries as nations that should be emulated as they have taken their citizens out of poverty through research and innovation.
He however decried the use of alternative to practical in teaching students in our institutions, stressing that students cannot be skilled enough when they are not taken through the practical aspect of their courses of study, adding that Nigerian knowledge institutions should fully embrace practical to ensure that students graduate with technical skills that can dovetail into improved techno-economic growth of the country.
In his remarks, the Director General of NOTAP Dr. DanAzumi Mohammed Ibrahim thanked the Hon. Minister for always making himself available for commissioning of projects of NOTAP especially the commissioning of upgraded laboratories in the Nigerian knowledge institution as donated by PZ Cussons.
He recalled that in carrying out the registration of technology transfer agreement which is the primary function of NOTAP, it was discovered that over 90% of the technology powering Nigerian economy are foreign and for a country that is striving to develop and become one of the highest economies in the world, the situation was unacceptable.
He said PZ had upgraded three chemical laboratories and is ready and willing to upgrade more three including the just commissioned one in AE-FUNAI. He thanked the Management of PZ for their interest in developing Nigeria technologically and therefore urged other multinational to emulate PZ.
In his address, the Chief Executive Officer of PZ Cussons, Mr. Christos Giannopoulos said the commissioning of the project was in furtherance of agreement the company had with NOTAP to commit resources towards provision of state-of-the-art equipment in some selected Nigerian Universities and research centers.
He said the agreement was necessitated by the fact that no meaningful break-through can be achieved in scientific inquiries without necessary facilities and infrastructure that can compete globally.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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