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OPay, one of Nigeria’s leading fintech companies, said it remains fully operational in the country and it’s doubling down on its financial inclusion campaign across Africa’s most populous nation.

The company made the disclosure at a town hall in Lagos on Wednesday, September 2, following social-media reports claiming that OPay would stop operating in Nigeria from September 1.

‘OPay is here, OPay is operating, and OPay is going nowhere,’ Dotun Adekunle, OPay’s chief operating officer and chief technology officer, said at the event. ‘There is no decision by OPay to shut down its operations in Nigeria, and there is no indefinite leave.’

Adekunle said the company’s services remained fully operational on September 2, despite the claims circulating online. He urged customers and merchants to rely on OPay’s official communication channels before acting on information that could affect their finances.

He also said the Central Bank of Nigeria had acknowledged the information as fake news.

Akinfolabi Rokosu, OPay’s chief legal counsel, said the company would pursue legal action against those responsible for creating and circulating the claims.

‘OPay is taking legal action against those responsible for deliberately creating and circulating this false information,’ Rokosu said. ‘We will pursue them and ensure that the law takes its full course. There will be no impunity.’

According to Rokosu, the Department of State Services and the Nigeria Police Force are investigating the matter, with OPay providing evidence to support the probe.

He said the action was aimed at protecting customers and maintaining accountability, rather than restricting criticism of the company.

The false claims have raised concerns among industry stakeholders over the potential impact of misinformation on confidence in Nigeria’s digital-payments ecosystem.

Olalekan Disu, financial secretary of the Association of Licensed Mobile Payment Operators and an executive at eTranzact Plc, said misinformation about a major financial-services provider could undermine confidence in the wider industry.

‘Trust is the foundation of digital payments,’ Disu said. ‘False information about a major player can weaken confidence in the wider industry and discourage people and businesses from using digital payments.’

Stanley Jacobs, president of FintechNGR and group chief innovation and technology officer at Meristem, also said trust remained critical to the expansion of Nigeria’s fintech industry.

‘Misinformation about financial institutions can undermine that trust, making accurate information and responsible communication essential,’ Jacobs said.

OPay also used the town hall to highlight its longer-term investments in Nigeria, including a N1.2 billion, 10-year scholarship commitment for students at tertiary institutions.

The company said the programme has supported students at institutions including the University of Ibadan, Ahmadu Bello University, Obafemi Awolowo University and Lagos State University.

OPay said its broader scholars programme combines financial assistance with innovation, skills development and career opportunities.

The fintech said it would continue investing in education, technology and financial inclusion while supporting consumers and businesses through its digital-payment services.

It advised customers and merchants to continue using its services normally and urged the public to verify claims about financial institutions before sharing or acting on them.

The Federal Capital Territory (FCT) led a sharp increase in subnational debt, as its domestic debt skyrocketed by 538 percent amidst a broader borrowing spree that saw 10 states, alongside the FCT accumulate over N654 billion in fresh debt from March 2025 to March 2026.

According to the states’ domestic debt data published by the Debt Management Office (DMO), the aggregate domestic debt of the 36 states and the FCT grew from N3.86 trillion in March 2025 to N4.52 trillion in March 2026.

BusinessDay’s analysis of the data showed that while several states achieved a reduction in their domestic debt profiles, 10 states-including Bauchi, Borno, Cross River, Delta, Kaduna, Nasarawa, Ogun, Yobe, and the FCT-accumulated more debt in the period.

The FCT topped the list of borrowers, growing its debt from N61.12 billion in 2025 to N389.87 billion in 2026, representing a 538 percent increase. This was followed by Kaduna State, whose debt grew by 251.3 percent from N25.00 billion in 2025 to N87.86 billion in 2026.

Yobe State also recorded a significant increase in its domestic debt profile, which grew from N39.62 billion to N98.59 billion in 2026.

However, Lagos State recorded the highest overall debt balance, which grew from N874.04 billion in 2025 to N1.21 trillion in 2026.

Bauchi State’s debt increased from N142.40 billion in 2025 to N154.45 billion in 2026; Borno’s debt increased from N25.09 billion in 2025 to N88.43 billion; and Cross River increased its debt from N115.11 billion in 2025 to N132.30 billion in 2026.

Delta State’s debt also increased marginally from N204.72 billion to N213.85 billion in 2026; Jigawa’s debt climbed from N1.06 billion to N1.60 billion; Nasarawa State’s debt grew from N24.72 billion to N27.15 billion; and Ogun State grew its debt from N190.13 billion as of March 2025 to N200.74 billion in 2026.

The remaining 26 states recorded declines in their domestic debt profiles.

On the external front, aggregate debt for the 36 states and the FCT stood at $5.68 billion. Of this total, Lagos accounted for the highest profile at $1.17 billion.

Other states with high external debt profiles in the period include Kaduna ($684.29 million), Edo ($354.03 million), Cross River ($222.92 million), Bauchi ($220.56 million), Ogun ($216.99 million), and Katsina ($200.62 million).

These seven states accounted for 54 percent of total subnational external debt.

Speaking to BusinessDay on the debt profile, Mayowa Amoo, Chief Executive Officer of QLP Capital, said that while strategic public borrowing remains essential for funding Nigeria’s massive infrastructure gap, state governments must ensure loans directly spur economic expansion and generate long-term tax revenues.

According to Amoo, public debt should not be viewed negatively if it is deployed systematically into wealth-generating sectors. Drawing a parallel to a family taking out a mortgage rather than watching rising inflation erode their savings, he noted that targeted borrowing allows the nation to jump ahead and bridge critical developmental deficits faster than revenue generation alone would allow.

‘The economy expands because there are also other things that go along with logistics. So, what you use the money for is more important than the fact that you’re just borrowing,’ Amoo said. ‘If you borrow and use the money to generate more wealth and goods, that means you’ll be able to generate more taxes as a government, which is the major source of debt repayment.’

However, Amoo cautioned that borrowing becomes a waste of national resources if projects fail to deliver growth or lack long-term operational management.

He warned that a breakdown in infrastructure service delivery disrupts the revenue loop, forcing the government into a vicious cycle of unsustainable debt. He also urged policymakers to maintain fiscal discipline to safeguard Nigeria’s international credit position.

‘Our credit rating is improving, and international lenders are happy to lend to us because we are doing the right things in terms of reform,’ he said. ‘But if we go too aggressive and find ourselves back in problems, our credit rating will be diminished, and we will be locked out of the capital markets.’

Amoo called for a systematic and traceable debt strategy, emphasizing that long-term asset management is as critical as securing the initial funding.

Also commenting on the trend, Uzor Joseph, economic expert and Executive Director at Frontline Investments, noted that the upward debt trajectory underscores an urgent mandate for states to aggressively expand their internally generated revenue (IGR) bases.

He explained that long-term solvency hinges on a state’s ability to mobilize revenues internally by effectively leveraging natural resource endowments, technology, public-private partnerships, human capital, and effective consequence management.

‘This capacity is crucial for financing essential infrastructure, investing in human capital development, meeting the new minimum wage and its consequential adjustments, and repairing the fractured social contract,’ Joseph said.

‘To achieve debt sustainability, states must also curb their reliance on foreign loans, especially in light of exchange rate volatility, to minimize exposure to unfavorable rates. Additionally, states should establish robust frameworks for transparency, ensuring borrowed funds are allocated to high-impact projects with clear economic returns,’ he said.

Ishaq Ibrahim, an Abuja-based economist, said that despite the significant increase in statutory allocations, states have been unable or unwilling to fund their ambitions solely through their increased share of the Federation Account.

Ibrahim said that while the federal government has encouraged states to invest bumper allocations from the Federation Account into productive sectors to cushion the effect of reforms, the return to borrowing suggests many states remain stuck in a cycle of deficit financing.

He suggested that the implementation of the new minimum wage and the skyrocketing cost of infrastructure projects may be the primary drivers forcing states back into the credit market.

‘This revenue-debt paradox raises urgent questions about fiscal discipline, as surging inflows intended to provide a social safety net are increasingly swallowed by rising debt-servicing costs and a renewed appetite for commercial loans,’ he added.

The Federal Government has rejected claims circulating on social media that Nigeria and the Economic Community of West African States (ECOWAS) supported or backed the recent failed coup attempt in Niger Republic, describing the allegations as false, irresponsible and deliberately designed to damage Nigeria’s reputation.

Sola Enikanolaiye, Minister of State for Foreign Affairs, said Nigeria had never supported military coups or any other form of unconstitutional change of government and would not depart from its longstanding commitment to democratic governance and constitutional order.

Enikanolaiye, in a statement issued on Thursday, said the narratives circulating online were intended to mislead Nigerians and create confusion over the country’s position on the political and security situation in Niger.

He stressed that Nigeria remained committed to democracy, constitutional governance and regional stability, particularly at a time when West Africa and the wider Sahel continue to grapple with political instability, insecurity and the growing threat of unconstitutional changes of government.

According to the minister, Nigeria’s position on the latest development in Niger had already been clearly articulated by the Ministry of Foreign Affairs in a statement.

He said the Federal Government had expressed deep concern over developments in the neighbouring country and called for a peaceful, inclusive and participatory process capable of restoring stability and constitutional order.

‘While Nigeria is a proud and committed member of ECOWAS, it is unfair, mischievous and entirely false to suggest that Nigeria endorses or condones the military coup,’ Enikanolaiye said.

He added: ‘Nigeria will never support illegality or unconstitutional change of government anywhere, no matter who is involved or which country is concerned.’

The clarification comes against the backdrop of heightened political tensions in the Sahel, where military takeovers in several countries have significantly altered the regional political landscape and strained relations between ECOWAS and some of its member states.

Niger has been at the centre of the regional crisis since the military takeover that ousted President Mohamed Bazoum in July 2023.

The development triggered a major confrontation between the military authorities in Niger and ECOWAS, which threatened military intervention as part of efforts to restore constitutional order.

Although ECOWAS ultimately did not carry out the threatened intervention, the episode deepened political divisions within the region, particularly following the decision by Niger, Mali and Burkina Faso to withdraw from the regional bloc and establish the Alliance of Sahel States.

Against this background, Enikanolaiye said it was particularly important for Nigerians to distinguish between verified government positions and unsubstantiated narratives being circulated through social media.

He urged Nigerians at home and abroad to disregard videos, posts and other online materials purporting to show that Nigeria or ECOWAS had endorsed or supported the failed coup attempt.

The minister described the claims as part of an effort to sow discord and mislead the public about Nigeria’s foreign policy and its relations with neighbouring countries.

He said Nigeria’s approach to the Niger crisis was guided by its long-standing commitment to peace, constitutional democracy and regional cooperation.

Enikanolaiye said Nigeria’s relationship with Niger went beyond politics, stressing that both countries shared strong historical, cultural and fraternal ties, as well as extensive economic and security interests.

He said Nigeria therefore desired peace, security, democratic governance and sustainable development for Niger, the wider West African sub-region and the Sahel.

The minister further reaffirmed Nigeria’s adherence to the ECOWAS Protocol on Democracy and Good Governance, which provides a regional framework for promoting democratic governance and opposing unconstitutional changes of government.

He also reaffirmed the Federal Government’s commitment to the African Union’s zero-tolerance policy towards unconstitutional changes of government.

According to him, Nigeria would continue to work with ECOWAS, the African Union and other members of the international community to defend democratic principles, strengthen the rule of law and promote peace and stability across West Africa.

The Federal Government’s position underscores the sensitivity of Nigeria’s role in the region, particularly given its status as one of ECOWAS’s largest and most influential members and its long-standing involvement in efforts to address political instability and security challenges in West Africa.

Enikanolaiye therefore called on Nigerians to rely on official government statements and credible sources when assessing developments in Niger, rather than unverified social media content.

He maintained that Nigeria’s foreign policy remained anchored on respect for constitutional governance, regional peace and the sovereignty of states, while rejecting any suggestion that the country would support the seizure of political power through military force.

With appearances in over a hundred film productions within barely two years, in most of which he played the lead character, Clinton Joshua Ezewele is phenomenal. Call it ‘Hundred Films, One Big Dream’, the reality is that the budding actor’s rise is unstoppable and he has come to stay in the movie indsutry, where he now calls home and is building an empire.

Just last year, the Nollywood YouTube ecosystem produced more films than most countries released in a year. It is an industry within an industry: fast, prolific, digitally native, and built on an audience that knows exactly what it wants. Somewhere in the middle of that engine, producing, performing, and accumulating credits at a pace that defies conventional career logic is Ezewele.

He has appeared in over a hundred films, founded a production company, won a major industry award, amid a following of two million people across three continents.

Born as Clinton Joshua Onosetale Ezewele in Lagos State, his roots are from the Esan ethnic group in Edo State; a people in the south of the state known historically for their intellectual tradition, artisanal craftsmanship, and a deep pride in cultural identity.

His path to acting was not mapped out from childhood. He enrolled at the University of Lagos to study Civil Engineering, a rigorous academic discipline that suggests a mind comfortable with structure, precision, and problem-solving. Those qualities, it turns out, are not absent from his work as a performer. But the pull of another discipline was stronger.

In 2023, Clinton was approached for a role in a production. He had no prior screen credits and no formal acting training beyond what his own instincts and observation had taught him. The casting process was informal: someone recognised in him a physical and energetic match for a character they were trying to bring to life. He was hesitant, but took the role anyway.

That first job led directly to ‘When Angels Meet’, a 2023 production by One and Two Films.

Clinton played Xavier, the lead character, in a drama exploring fate, faith, and the transformative power of unexpected human connection. The film ran for over two hours and required him to carry the emotional weight of the story from its opening scenes. He carried it.

‘When Angels Meet’ accumulated thousands of views in its first weeks on YouTube and generated genuine audience engagement, the kind of word-of-mouth energy that moves through the Nollywood digital community when a performance lands.

What followed ‘When Angels Meet’ was one of the most productive three-year runs in the Nigerian film industry. Between 2023 and 2025, Clinton appeared in over a hundred productions, working across romantic drama, thriller, morality tales, and youth-centred storytelling.

Titles like ‘Treasure in the Sky’, ‘My Crazy Rich Girlfriend’, ‘A Heart Divided’, and ‘Ashes and Light’ showcased a range that expanded with each production. He was not simply a lead actor in romantic dramas. He was building an understanding of how different genres demanded different things from the same body and voice and pair of eyes.

He was also learning production from the inside.

Clinton Joshua Film Limited, his production company, was established during this period and has since produced more than ten films. The company is a statement of intent.

Alongside the film work, Clinton built a digital presence that few actors in Nigeria’s film landscape can match. He is, without any formal international marketing campaign, a pan-African figure, with audiences across Nigeria, Ghana, Cameroon, Côte d’Ivoire and other African countries.

The African Democratic Congress (ADC), has accused President Bola Tinubu’s administration of turning Nigeria into a ‘graveyard of businesses,’ following Uber’s decision to exit the country after 12 years of operation.

Bolaji Abdullahi, National Publicity Secretary of the ADC in a statement on Thursday, said Uber’s exit, alongside the shutdown or downsizing of several multinational companies, amounted to a ‘vote of no confidence’ in the Tinubu administration’s economic policies.

The opposition party said it was contradictory for the government to celebrate a marginal 0.2 percentage-point improvement in GDP while businesses were closing, jobs disappearing and Nigerians struggling with rising living costs.

‘Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,’ the ADC said. The party argued that poverty had risen to 63%, affecting an estimated 140 million Nigerians.

The party challenged President Tinubu and the ruling All Progressives Congress (APC) to explain what the reported economic growth had done for ordinary Nigerians.

‘When the President and his party say things are getting better, we expect them to tell us what has improved in the lives of Nigerians. They should tell us how much food their GDP growth has put on the tables. They should tell us which bill it has paid,’ it said.

The ADC attributed Uber’s exit to the increasingly difficult business environment, particularly soaring energy, fuel and transportation costs following subsidy removal and naira devaluation.

It cited the Manufacturers Association of Nigeria’s reported 767 company closures, including 20 major global brands, and listed Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GSK, Sanofi-Aventis, Bayer, Procter and Gamble, Unilever and PZ Cussons among companies that had shut down or scaled back operations.

‘The painful truth is that Tinubu has turned Nigeria into a graveyard of businesses,’ the party declared.

The ADC said each corporate exit represented lost investment, jobs and increased poverty, insisting that the government’s GDP narrative was being contradicted by worsening economic realities.

It also renewed its support for Atiku Abubakar, its presidential candidate’s proposal for a targeted fuel subsidy aimed at reducing production and transportation costs, lowering the cost of living and improving business profitability.

‘This is precisely why the ADC presidential candidate, Alhaji Atiku Abubakar, has proposed the restoration of a targeted fuel subsidy to bring down the cost of fuel, transportation and production,’ the party said.