General News
Shell LiveWIRE Beneficiaries get N48m Grant
117 young entrepreneurs from the Niger Delta have graduated from the Shell Nigeria LiveWIRE programme and have been awarded a N48m grant to either establish or expand their businesses.
Dr. Gloria Udoh, Social Performance and Social Investment Manager, The Shell Petroleum Development Company of Nigeria Limited, (middle), presenting a N48m cheque to representatives of the 117 beneficiaries of the Shell Nigeria LiveWIRE programme at a graduation ceremony in Port Harcourt… on Friday.
This brings to 7,913 the total number of beneficiaries of the youth enterprise development programme since inception in 2003.
Speaking at the graduation ceremony, Igo Weli, Shell’s country head of Corporate Relations, restated the commitment of SPDC to the development of Niger Delta youths and providing them alternative livelihood opportunities through LiveWIRE and other empowerment programmes in the wider social investment portfolio of the company.
Weli said, “This is one opportunity to set you on the path of self-reliance and to be employers of labour as we have seen with previous beneficiaries of the programme many of whom are now employers with several others having also taken up the opportunity to play in SPDC’s supply chain as vendors.”
Explaining the criteria for the selection of the beneficiaries from across the Niger Delta, Dr. Gloria Udoh, SPDC’s social performance and social investment manager, said the selection was from a pool of graduates from university or its equivalent who have credible business ideas and were able to produce a business plan.
“The 117 beneficiaries were selected from a large pool of participants who went through the entrepreneurship training; wrote their business plans and successfully pitched their business ideas. The expectation is that they will be able to successfully establish or expand their businesses and also enjoy the many linkage opportunities offered by SPDC,” Udoh said.
Previous beneficiaries, who now run successful businesses, also inspired the graduates with their own stories towards success.
Yolo Bakumor Smith, chief executive officer of De-Rabacon Plastics, described the training as priceless.
“It was instrumental to using the limited resources to improvise and implementing a plan that has led me to still making profit.”
Mrs. Belema Ogbuigwe, executive director, Centre for Information and Development, inducted the new graduates into the Shell LiveWire Alumni group, which further enables the young entrepreneurs to enjoy mentorship from previous beneficiaries.
In the last 10 years, five Shell Nigeria LiveWIRE beneficiaries have won the LiveWIRE International “Go and Trade Enterprise Linkage Award” which enabled them to make international trade visits to the United Kingdom, the United Arab Emirates, and Ghana.
LiveWIRE beneficiaries are also able to join thousands of young entrepreneurs from all over the world who compete for the Global Shell LiveWIRE Top Ten Innovators Award which comes with huge benefits and rewards.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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